Office market occupancy rates hit high

The Edinburgh city centre office market has reached its highest level of occupancy since 2007, according to a report by commercial real estate services company Colliers International.

Within the centre, occupancy rates topped 89.2 per cent, as a result of an additional 266,833 square feet becoming occupied in last 12 months.

Despite an annual decline of 18 per cent in take-up across the Edinburgh Central Business District, a shortage of new supply has enabled the market to see an increase in occupation and corresponding drop in vacant space.

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Patrick Hannay, head of offices with Colliers International in Edinburgh, said: “These findings are good news for Edinburgh, which has succeeded in attracting new occupiers, such as Virgin Money and Amazon. However, it is unlikely we will see a significant uplift in Edinburgh city core rents during the course of 2012.”