EDINBURGH’S largest single office building has officially opened after a major refurbishment was carried out to meet growing demand from the technology sector.
One Lochrin Square, the former site of Scotmid HQ in the heart of the Capital’s Exchange District, features 64,000 sq ft of Grade A office space over five floors. Owners UBS Asset Management undertook a ‘defurbishment’ on the ground floor – a new trend which provides attic style office accommodation to attract technology, media or telecoms(TMT) firms.
Nearly a third of all office space transacted across Edinburgh in 2016 involved TMT businesses, compared with a UK average of 16%, according to JLL.
Toby Withall, office agency partner at Knight Frank said, “In the context of a market where new or refurbished Grade A product is fast diminishing and occupier interest is increasing, this new offering is set to benefit and ensure there is prime stock for the more diverse range of active occupiers in the market.”
Craig Watson, director at JLL in Scotland added, “One Lochrin Square’s owners have seized the opportunity to reposition the property within Edinburgh’s changing business landscape by providing an open plan finish which has never been speculatively delivered before in the city. With 30% of Edinburgh office space take-up in 2016 accounted for by the TMT sector, followed closely by professional services, this refurbishment will ensure that the property stands out from the competition and appeals to some of Edinburgh’s younger and more dynamic sectors such as TMT.”