Spotlight

Scottish Office Market

Scottish office market
Scottish Office Market

4 September 2017, by Mike Barnes

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.

Articles from Spotlight: Scottish Office Market – Summer 2017

Scottish office market

04 September 2017

Scottish office market

One year on from the EU referendum, the Scottish office markets remain in good strength from both an occupational and investment perspective

 
 

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Key contacts

Mike Barnes

Mike Barnes

Research Analyst
Commercial Research

Savills Margaret Street

+44(0) 203 107 5459

 

Keith Dobson MRICS

Keith Dobson MRICS

Director
Office & Industrial

Savills Edinburgh

+44 (0) 131 247 3801