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Work has begun on a development set to make 25,000 sqft of additional office space available to rent in Edinburgh.
A five-storey office tower at CityWest will form part of a wider mixed-use site being developed by contractors J Smart & Co, with completion scheduled for the second half of 2012.
Supply of new offices arriving on the Edinburgh market next year looks likely to be limited and so CityWest’s marketing agents, namely the companies Ryden and James Barr, are hopeful of seeing the space meet with strong demand.
“There is a lack of speculative development coming forward which, combined with continued take up of new build city centre stock, suggests that the market is close to an under-supply in late 2012 onwards,” said Hamish Sutherland from Ryden.
“Our research also shows that there are a significant number of lease expiries during 2012/13, with these occupiers looking to move from out-dated buildings, often on very historic leases and rents, into higher specification buildings,” he went on.
The new Edinburgh offices are being built close to the city centre between Gorgie Road and Slateford Road at a site formerly occupied by a Bank of Scotland Computer Centre. Floorplates will range from 2,088 sqft and 6,911 sqft.
J Smart & Co’s development director David Smart explained that the construction of the CityWest offices follows his company’s plan of building at least partly on a “counter-cyclical” basis in order to “avoid development lag”.
One company that recently committed to expanding its office space presence in Edinburgh is the HR and financial advisory group Mercer, which is reportedly planning to double its 100-strong workforce in the city.