Developing existing office space is top priority as squeeze grows on new sites

Published on Wednesday 26 December 2007 19:57

A LACK of new office space set to become available over the next few months has sparked a flurry of activity in the office refurbishment market, according to workspace design company Space Solutions.

The claims came as the Aberdeen-headquartered firm revealed it had bagged a string of contracts worth a total of 750,000 in recent weeks.

The deals, all in Scotland's Central Belt, where property experts have warned there will be a shortage of new office space in 2008, are with a range of companies including British Waterways, Grant Thornton and Glasgow-based Change Recruitment.

For the first time in 20 years, office rental costs in Glasgow and Edinburgh are neck and neck, according to recent research. The tight property market has seen office availability in Glasgow reach a ten-year low this year, while very little grade A commercial space is due to be completed in Edinburgh in the coming year.

Derek Binnie, director of Space Solutions, said: "With commercial space in such short supply, many organisations are investing heavily in revitalising their existing facilities."