Occupiers with upcoming lease events and those looking to expand in the city are facing a severe lack of options and rents on refurbished offices are rising as a result
■ The Scottish office market saw leasing activity reach 1.4m sq ft for the first half of 2017, 20% above the five-year half year average.
■ This was partly driven by the GPU (Government Property Unit) signing a pre-let on 180,000 sq ft of space at New Waverley, Edinburgh, which will house 2,900 civil servants from 2020.
■ Scottish office investment reached £227 million during the first half of 2017, 19% below the 10-year first half average.
■ We expect more stock to trade in the Glasgow market towards the final quarter of 2017 as prime yields remain at 5.75%, offering an attractive discount to the rest of UK regions.
■ The 25-50 basis points yield gap which previously existed between Scottish office yields and the rest of the UK’s regional office markets is showing signs of closing.
1 article(s) in this publication
