Commercial Property News

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Wednesday, November 21, 2023

Edinburgh office rents on the rise

Edinburgh office rents are gaining ground on other European cities, according to Jones Lang LaSalle's latest European Office Property Clock.

The research reveals the Scottish Capital's Edinburgh office rental growth is accelerating in the up-phase of its rental cycle as the supply of Grade A space decreases.

The Jones Lang LaSalle Property Clock has ranked Edinburgh 11th out of 31 European cities with a two per cent rise in prime office rents in the third quarter compared to the corresponding period last year.

Grade A office rents are now pegged at 28.50 per square foot with further growth predicted on the back of strong demand, rising construction costs and a decreasing availability of prime space.

Cameron Stott, director of Jones Lang LaSalle Edinburgh, said: "This latest market analysis from Jones Lang LaSalle is further evidence of an improving office market in Edinburgh and should provide a wake-up call for those occupiers still considering re-locating in the city.

"The likes of Waverley Gate and Exchange Crescent are ideally placed to take advantage of the changing market conditions, as will the handful of central Edinburgh developments in the pipeline. There is no new space due to be completed in central Edinburgh in 2008 apart from AMA's Fusion in Logie Green Road. Kenmore Property Group?s Westport 102, another important development, will be completed in 2009. We anticipate additional growth as the pipeline supply reacts slowly to the undersupply which has materialised."