New office space drying up in city

THE Capital’s office sector is heading for crisis as the supply of new space dries up, experts have warned.

Property bosses at French finance giant BNP Paribas said a squeeze would emerge as take-up of office space in Edinburgh tops levels seen last year while availability falls. They said investment in new offices in the city dropped 38 per cent to £30.7 million in the first half of 2012 but added that demand for existing space was healthy.

Andrew Cartmail, Edinburgh office head at BNP Paribas Real Estate, said: “The Edinburgh city centre office market is rapidly heading towards a supply crisis.”