A leading commercial property expert has suggested that positive days lie ahead for Edinburgh and Glasgow's office markets.
Bill Colville, UK regional chairman at CBRE, has suggested that upcoming major commercial developments in both cities have caused investors to look more favourably towards the two regions. Glasgow, in particular, will see new sites at 110 Queen Street, the former Odeon cinema at 1 West Regent Street, and the Abstract Securities-backed St Vincent Plaza, both of which will offer 500,000 sq ft of new Grade A space over the next few years.
Edinburgh also has nice prospects, after several years of infrastructure issues and major employment problems since the global financial crisis hit in 2007.
According to the Herald Scotland, Mr Colville, who has been working in the commercial sector for over 30 years, said: "Normally you would expect development when the take-up of space has been quite significant, but the market in Glasgow has enjoyed very little take-up at the top end. There are likely to be a couple of reasonable deals in the next few months that are significant in so far as that will be the first evidence of Grade A take-up in the city for some time."
He also added that once the trams are finished in Edinburgh, the area is set to become a very attractive place for buyers and investors in the next two to three years. There are also a series of speculative developments in the pipeline for the capital city, with market sentiment generally being positive, even if there is a lack of available good sites.
In regards to Aberdeen, Mr Colville added that this city was still one of the main hotspots outside of London for commercial demand, now sitting at between £30 and £32 per sq ft. This has mostly been driven by the oil and gas industry in the area.