RECENT TRENDS IN THE EDINBURGH AND GLASGOW OFFICE MARKETS
||Trevillion, Edward; Lulu Wang; Toby Withall
||RECENT TRENDS IN THE EDINBURGH AND GLASGOW OFFICE MARKETS
||Book of Abstracts: 13th Annual European Real Estate Society Conference in Weimar, Germany
||The paper examines recent trends in the dynamics of the office markets in Edinburgh and Glasgow and reviews their importance in the context of the office market in the UK as a whole. It compares and contrasts the economic drivers of demand in these two Scottish cities and places recent office development in this economic context as well as historic market conditions. In particular, it examines the total new floor space developed in the two cities since the mid-1990 as well as trends in office rents. The paper includes a comparison of cyclical trends in demand and supply in the two cities and examines the likely impact of future employment trends on office market dynamics. As a result of the continuing demand for office space, it is becoming clear that both City centres are finding it increasingly difficult to fulfil long term demands for business space and both are witnessing a shift away from the traditional central business districts to new business locations. In this context, the paper reviews recent trends in out-of-town development and the impact of city centre constraints on new office development.
||market analysis; Edinburgh offices; Glasgow offices; new development; future office trends; strategic office locations; office rental values; office floor space
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