Demand set to rise for office space in city

Published on Tuesday 23 February 2010 08:54

A LEADING commercial property agent in the Capital has forecast a big increase in demand for city office space.

Ben Reed, director of office agency at property firm Jones Lang LaSalle, said there is now a "more certain and stable" backdrop to the economy.

And he said that, while 2009 was characterised by "short-term survival strategies", companies have now returned to medium-term planning.

He said, however, conditions were likely to favour the tenant looking for a good deal rather than the developer for the next year.

He added: "It is important that those with medium-term requirements dig below the data.

"This is particularly relevant in view of future supply within the Edinburgh market, with a lack of new speculative development resulting in tightening supply and increased pre-letting activity.

"To highlight the issues faced, an occupier seeking 50,000sq ft grade-A offices across Edinburgh would currently only have six options in the city centre."