There was a jump in demand for central office space in Scotland’s two biggest cities last year, according to property consultant GVA.
However, although take-up of space in Edinburgh rose 40 per cent, transactions fell back 9 per cent in the final quarter of 2012, whereas Glasgow has seen a more steady rise.
According to GVA’s latest figures, take-up of city centre office space in Glasgow over the course of 2012 grew 14 per cent, and unlike its east coast counterpart recorded a quarterly rise of 8 per cent in the three months to December.
Toby Withall, national markets director for GVA, said: “The year has been an interesting one for Edinburgh’s office market as some quarters have appeared quiet in terms of acquisition activity, albeit the yearly take up is still positive and well above average for the last five-year period.”
He said office take up in Edinburgh will be balanced in 2013 by new grade A accommodation at Atria and 145 Morrison Street, both of which are due for completion in April, and a further 20,000 square feet at Charlotte Square.
In Glasgow, two significant projects have moved forward since December, with Mountgrange’s 147,000 square foot One West Regent Street development on the former Odeon cinema site and BAM’s 110 Queen Street both breaking ground. Neither is expected to be ready before 2015.