Office space deals on rise in the Capital

OFFICE take-up in the Capital in the last quarter of 2007 soared, with 13 per cent more deals signed between October and December than in the previous three months.

Among the big deals were law firm Shepherd & Wedderburn's 57,000SQ ft lease at Exchange Crescent and HBoS's deal for 62,000sq ft at Lochrin Square – the biggest such deal of the year in Edinburgh.

The average size of office leased was 4850sq ft, with the majority of Inquiries continuing to focus on the city centre.

But interest in west Edinburgh also doubled during the period, with a number of the enquiries leading to lettings.

Ben Reed, director of Jones Lang LaSalle, Edinburgh, said: "These results delivered a much anticipated improvement on the previous quarter and resulted in a strong outturn for the year as a whole."

He predicted a strong start to 2008, particularly with fewer Grade A and city centre office projects due for completion.

Mr Reed said: "The widening gap in rents between peripheral Edinburgh and the city centre is predicted to generate increased activity in locations such as South Gyle."