scottish news |
SPEARHEADING AN EMERGING BUSINESS DISTRICT AT EDINBURGH’S HAYMARKET M
arking a major milestone after breaking ground at the end of April,
tHe Haymarket Edinburgh £200 million development is now progressing towards its next build phase as ground-levelling work accelerates through the summer. Already attracting growing interest from prospective occupiers across the financial and professional services and burgeoning technology sector, this 650,000 sq.ft. development is highly important to the Edinburgh economy. With 2015 seeing the highest level of office occupier take up since 2001 and lowest vacancy rate since 2007, tHe Haymarket is attracting significant attention from companies looking to relocate or expand. Uniquely positioned in terms of connectivity and proximity to public transport - 20 minutes
(69%) also having capacity to expand within their existing office space.
The optimistic outlook paints a positive picture for Scotland with less than one in ten businesses (9%) believing they would stay the same or downsize in the coming years. The study also
found that businesses saw value in sharing office locations with similarly ambitious and successful organisations. Having the ‘right’ business postcode came high on the list of ‘must haves’ with 94% rating this as an important determining factor.
This was particularly evident in the professional services (100%) and finance sector (97%). Proximity to public transport was the
key determinate when deciding on new office location, particularly amongst professional services (83%) closely followed by financial organisations (70%) and IT (69%).
by tram to Edinburgh international airport - it provides unrivalled profile for businesses operating in a competitive environment. Top professional firms are increasingly following the trend from Scotland’s fast- growing technology industry leaders, for a more flexible working environment with the ‘right’ address still a significant factor. In an independent survey, commissioned in March 2016 by tHe Haymarket across senior executives of over 200 of Scotland’s Top 500 businesses on key property issues, identified that over 90% of Scottish businesses are looking to expand over the next five years. The survey results showed that 98% of manufacturing and utility companies were most likely to expand closely followed by IT & Telecoms (94%) and Finance firms (92%). The research identified that of those looking to expand; over a third (34%) said that they would require new office premises within the next five years, with
COMMERCIAL PROPERTY MONTHLY 2016
Graham Haydon-White, Development Director on tHe Haymarket with Tiger Developments explained, “Our research paints a very clear picture of optimism which is heartening for Scottish business and the economy. It also backs up conversations we are having with senior business leaders; there is a clear demand for quality office accommodation which can
deliver both an inspiring workplace and social environment, particularly in the capital, which is currently experiencing a scarcity of prime office space in the right location.”
Once complete, tHe Haymarket will provide three Grade A offices offering a total of 340,000 sq.ft of modern flexible space and underground parking, a 165- bedroom apart-hotel, a 190 bedroom hotel and 60,000 sq.ft of prime retail space. With its strategic location and prominent design, the development is set to change the urban landscape and public realm of the entire Haymarket area.
www.thehaymarketedinburgh.com
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