Edinburgh in increased commercial space take-up - commercial mortgages

07 February 2008

Edinburgh saw a major surge in the take-up of commercial office space in 2007 according to new figures, news which may interest those with commercial mortgages.

Figures from Jones Lang LaSalle show that the Scottish capital experienced a 44 per cent increase in the amount of new occupation last year in comparison to 2006, Property Executive reports.

The report found that 825,000 sq ft of space was taken up ahead of a projected shortage of city centre office space in 2008, a figure which rose to 1,025,000 sq ft once new developments were taken into account.

Jones Lang LaSalle''s director of agency and development Cameron Stott commented: "There is only one office new development due to be completed in central Edinburgh this year and demand for space remains strong."

He added this would lead to high rates of rental growth in the city this year.

Another location said to have a lack of prime commercial office space is York.

Richard Squire, project director of Shepherd Developments, told the York Press this week that The Edge, a new 14,500 sq ft commercial property development, "fulfils a need" for grade A space in the city and was confident it could be successfully sold or leased.