Critical Shortage of Office Space Predicted in Edinburgh and Glasgow
Wednesday, May 12th, 2010
Like other places in the
It is expected that the office space will take two years to increase. However, the developers still do not seem to be coming forward with too many development projects. It is feared that many businesses may start moving to other cities where there is some desk space to rent available.
This was found in the 66th biannual Scottish property Review done by Ryden. According to the review, there are hardly any plans in place for major property developments here.
Lack of quality office space may cause the businesses to move out. Ryden’s review has been correct in the past, especially regarding Scotland, and is therefore a worrying issue.
Mark Robertson, the head of consulting and author of the Ryden report, commented that unlike other areas where the property market suffered a hit, this time there is no supply when the demand is increasing.
Critical shortage will rise by 2012 and may continue for a year, and may affect the development of the cities. An office take-up rate in Glasgow has been falling in the last half an year.