An Optimistic Business Outlook Points to Spike in Demand for ‘Well Connected’ Office Space
Over 90% of Scottish businesses are looking to expand over the next 5 years, that’s according to a survey commissioned by tHe Haymarket Edinburgh that questioned senior executives of over 200 of Scotland’s Top 500 businesses on key property issues.
The independent survey undertaken by Yolo Comms identified that of those looking to expand; over a third (34%) said that they would require new office premises within the next 5 years, with 69% also having capacity to expand within their existing office space.
The optimistic outlook paints a positive picture for Scotland with less than 1 in 10 businesses (9%) believing they would stay the same or downsize in the coming years.Proximity to public transport was the key determinate when deciding on new office location. Having the ‘right’ business postcode was third in the list of ‘must haves’ with 94% rating this as an important determining factor.
David Westwater, Development Director of tHe Haymarket Edinburgh, commented on the findings: “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, particularly in the capital, and while this is good news for tHe Haymarket which is in advance discussions with a number of occupiers, it does point to a scarcity of prime office accommodation in the right location.”
tHe Haymarket Edinburgh agent, Cameron Stott from JLL added: “We know that ease of travel is essential to businesses who not only count the cost of billable hours travelling between meetings, but also when factoring in the ease of commuting at the beginning and end of the day. With sustainability higher up on the business agenda, we also see a move towards the use of public transport, particularly in cities such as Edinburgh, which are highly congested. It is all about driving up productivity and tHe Haymarket could not be better connected with the tram, train and bus network.”
tHe Haymarket agent, Chris Dougray from DougraySmith, said: “tHe Haymarket’s location is ideal for the professional services sector, not just in terms of proximity to public transport as “less time travelling, and more time billing” is a very good place to be for these organisations, but also in terms of visibility. In the competitive professional services market having a highly visible office space can only have a positive impact on company profile, this is backed up by the research. With nearly four million people passing through Haymarket train station every year, and projections to see this double in the next five years, tHe Haymarket’s location is enviable.”