Edinburgh is Scotland's capital, though it has a smaller population than Glasgow at 450,000, it is still known as a global player in finance, scientific research, technology and professional services. The Edinburgh City region has a population of 1.3 million.
Edinburgh Office Property
Edinburgh has leadership in the sophisticated areas of the financial industry such as fund management and securities work. Prime office rents in Edinburgh at £26 psf are around one third of London West End rents, yet support the same type of community. Out in West Edinburgh, around the airport prime office rents are £18psf. These rents are subject to incentives which lower the effective rent by a further 25%.
Waverley Gate, a building which dates back to 1866, offers Victorian splendor, whilst new developments at Edinburgh Park at the established Edinburgh Park at South Gayle will benefit from the extension of the tram network there in 2014. In the city space is available at Edinburgh International City Centre, the Exchange Crescent and the new Atria Development. There are no new developments in the Edinburgh office pipeline.
Edinburgh is notable for it's science and technology sector, and at Edinburgh BioQuarter, the city has a landmark life sciences real estate development, while Edinburgh Science Triangle, a marketing group of seven science and technology parks all have space available on flexible terms.
Leisure and Hospitality Property in Edinburgh
Edinburgh recieves around 4 million visitors each year, 30% from overseas who spend around £2 billion in the local economy and account for 14 million bed nights. Edinburgh is also ranked as one of the world's top ten international conference and convention cities and business tourism adds a further £300 million to the local economy. As a result hotels and guest houses in Edinburgh have a plentiful demand for their services.
Edinburgh Retail Propety
Edinburgh is the UK's 15th most popular retail destination by volume, and has fewer shops than Glasgow. Edinburgh tends towards quality in it's offer, and the city's new luxury quarter around Multrees Walk, anchored by Scotland's only Harvey Nichols store is a reflection of this. The St James Shopping Centre anchored by John Lewis supports the quality end of the market, while the Princes Mall caters more to the mass fashion market. Under a project known as 'String of Pearls', Princes Street and is undergoing a programme of regeneration to create a string of interconnected retail developments stretching from Calton Hill to Haymarket. Prime high street rents in Edinburgh are less than in some other UK major cities at around £190 psf.
Property Development in Edinburgh
Within 2 miles of the City centre lies the Waterfront where 345 acres of brownfield and contaminated land on the shores of the Firth of Forth are being transformed into a landmark residential, leisure, business and tourist destination. These developments cover Leith Docks, the Western Harbour, Granton Harbour and Granton itself. Three companies - Waterfront Edinburgh Ltd with a Page & Park masterplan, National Grid has commissioned Norman Foster to design their ForthQuarter space, while third company Forth Ports PLC is still in discussions about the precise allocation of uses for their space. National Grid Property is overseeing the flagship £1 billion project, which has already some prestige buildings and a Morrisons superstore.
Thinking about the factors that you require carefully before starting a search for commercial property can save you time and effort. If you are planning on buying a commercial property you should be careful to factor in the significant purchase costs which are associated, such and stamp duty and legal fees which will have an instant impact on cash flow. In most cases these few points would be worth considering, but there are usually plenty of other valid points that should also be considered on a case-by-case basis before you actually make an offer on a commercial property.