Glut of business park space hampers Scotland office market
Scotland has the second-highest amount of business park space currently available nationwide.
This goes some way to explaining why absorption rates for office premises are above the national average, with five years’ worth of stock (based on the last 12 months of take-up) currently on the market, against the national average of 3.2 years.
Factoring in under-offer space reduces this somewhat, with Scotland behind only the North West and the West Midlands for square footage due to transact imminently.
Scotland has the second-highest amount of business park space currently available nationwide.
This goes some way to explaining why absorption rates for office premises are above the national average, with five years’ worth of stock (based on the last 12 months of take-up) currently on the market, against the national average of 3.2 years.
Factoring in under-offer space reduces this somewhat, with Scotland behind only the North West and the West Midlands for square footage due to transact imminently.
Scotland’s industrial stats are slightly behind the nationwide trend – but if we break down into size bands, smaller industrial premises in Scotland are letting at a much quicker pace; with units under 20,000 sq ft showing just 2.4 years’ worth of stock remaining.
Within that size band, landlords and developers are taking advantage of the more acute demand, with new permissions for sub-20,000 sq ft industrial spaces increasing by 12% year-on-year.
All larger size bands reflect a decrease in activity, meaning that Scotland is the region which has seen the biggest fall in industrial permissions in comparison to last year, with a drop of 71%.
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