Developers who are currently working on 2 Semple Street in the city say this will be the only speculative development available to tenants in 2018.
GSS Developments have the framework already in place at the Grade A listed building in the Exchange District and with installion of the elevations beginning in the next few weeks this office development will be ready in July 2018.
Others in Edinburgh will not be ready till the following year at least.
There is a shortage of Grade A office accommodation and this 38,648 square feet office will go a long way to remedying that. It will become the workplace for up to 400 employees over five floors. Having a view to Edinburgh Castle it is in a prime location.
Angela Lowe, senior director at joint letting agent CBRE, said: “The office market in Edinburgh has had a record year with take-up topping 1 million sq ft over the last 12 months for the first time since 2004, which is 25% ahead of the long-term average. Grade A availability is down more than 60% on the same quarter as 2016 and the prospects for tenants seeking space over the next 24 months are not good, so it is encouraging that 2 Semple Street will be ready and available in mid-2018.”
Chris Cuthbert of joint letting agent CuthbertWhite added: “The floor plate size and configuration at 2 Semple Street is such that we are speaking to a number of occupiers considering anything from a single floor (7,244 sq ft) to the entire building. On a recent walk round the development we were hugely impressed by how the building is taking shape, and we are now in the position of being able to provide interested parties with a full ‘hard hat’ tour of the development.”
McLaughlin & Harvey Construction managing director, Paul Griffen, said: “Working closely with GSS Developments and our design and supply chain partners from the onset has been key to this project. The in-situ concrete cores, structural steel frame and concrete floors have been completed and the emphasis now is on commencing the envelope which sees the combination of glass, natural stone, brickwork and cladding all come together to create this impressive development.
“The logistics and congested nature of city centre developments present their own challenges, particularly in material distribution, and again we have been working with our suppliers to maximise their requirements to ensure that progress on all elevations is maintained.”
GSS Developments director Paul Stevenson, said: “Other types of developments with less risk are being favoured by funders, which means speculative office projects in Edinburgh are few and far between. While supply of Grade A offices remains very tight, conversely there has never been more demand, and so we are keen to bring 2 Semple Street to market as quickly as possible.”
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