Soropa Blog

Scottish energy consultant group Wood Mackenzie, currently based on Queen Street, will soon be shifting to 40,000 square feet of office space in the Edinburgh Exchange Place development. The site is about to witness an increase in lettings following the shift. The move is also expected to improve the rentals market scenario in the city following a slow period during the recession.

Scottish Widows Investment Partnership, which owns the development, is said to be looking at an expected rental of £28 per sq ft for this space. This will mean a yearly outlay of £1.1m for Wood Mackenzie towards rentals alone. However, considering the size of the deal, the company may be able to cajole some incentives and benefits for itself from the developers.

The company may have as neighbours Hymans Robertson and Scott- Moncrieff, who are believed to have already completed the formalities of their agreement. These two firms will take up about 17,700 sq ft of the Exchange Place offices.

Darryl Tidd, SWIP investment director, hinted at an expected future tenancy which will occupy over 30% of the remaining available desk space at Exchange Place. These new developments show increased demand for commercial property in the Edinburgh market and raise hopes for consistent improvement here, given that Grade A buildings are being taken up speedily.