Retrofitting office buildings across Scotland’s capital will be a key driver for growth in 2023, according to new data from commercial property firm JLL.
Year-end take-up, or new lettings, is expected to hit approximately 700,000 sq ft across Edinburgh in 2022; 80% of which is focused on the city centre. This is 13% below the long-term average of 805,000 sq ft for Edinburgh.
However, due to continued uncertainty, lack of sustainable products and limited choice, the number of existing leases that were renewed in 2022 reached a record high of more than 350,000 sq ft. When combined, the total transactional volumes in Edinburgh reflect an above average level of activity.
