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Scottish Office Centres Hold Steady

LONDON-Office rents in Edinburgh and Glasgow have remained steady during 2003 despite a fall in demand, according to the latest Regional Capitals report from Atis Real Weatheralls.

By Graham Parker | Updated on September 29, 2003

LONDON-Office rents in Glasgow and Edinburgh are resilient despite weaker demand, according to new research from Atis Real Weatheralls. The latest Regional Capitals report shows that take-up for the first six months of the year reached 199,000 sf in Edinburgh, down from 215,000 sf for the same period last year. In Glasgow, 204,000 sf was let, against 250,000 sf in the first half of 2002.

Douglas Gardiner, regional head of agency at Atis Real Weatheralls, said: “A lack of occupier confidence is leading many businesses to put expansion or relocation programmes on hold. “Economic recovery since the end of the Iraq war has been weaker than expected and this has inevitably impacted on Scotland’s key office markets. Nevertheless, the situation is not as severe as experienced in London and the South East and we are still seeing deals being done.”

Atis Real Weatheralls puts headline Edinburgh rents steady at £27.50 ($45) per sf, while Glasgow rents are treading water at £23 ($38) per sf.

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