Office rental deals soar 19% in year

Take-up of office space in the Capital is running well ahead of this time last year, according to new figures.

Data from property firm CB Richard Ellis showed that 334,100 square feet of office space has been snapped up in the first half of 2011, which is 19 per cent ahead of last year.

More than two-thirds of the deals were for "second-hand" offices and rents for prime space remain unchanged at 27.50 per sq ft.

Two large offices - Argyle House and 3 Lochside Avenue - have become vacant this year, which has contributed to the total available space rising nine per cent compared with the end of 2010.

Stewart Taylor, director of CBRE Edinburgh, said: "The indicators are encouraging following a good first half in terms of take-up and an increasingly tangible schedule of demand.

"The availability of mid- market, good-quality accommodation has proved attractive to occupiers such as Amazon, but with supply in this category drying up, most tenants will be forced up the quality curve."