A major new office building has hit the Edinburgh market with property advisers confident it will attract occupiers as businesses review their space requirements post-pandemic.
Developed by Parabola and located at Edinburgh Park, to the west of the city, 1 New Park Square comprises 85,000 square feet of office space over five floors.
The building is said to have been designed to minimise power consumption using “lean technology”. The entire Edinburgh Park development will be net zero carbon in operation, powered by 100 per cent green electricity, in part generated on the site.
Notable features in 1 New Park Square include a multi-use auditorium, meeting rooms and a restaurant, bar and bakery that will open in the summer. It also sits within a civic square with an adjoining garden square, multi-use games area, car park and padel tennis courts.
Parabola’s managing director, Tony Hordon, said: “The completion of this cutting-edge office building is another step forward in the development of Edinburgh Park.
“At Edinburgh Park we are creating a new urban quarter, cultural destination and creative campus with sustainability at its heart. This new neighbourhood brings stunning architecture, inspirational workplaces, affordable homes, a civic square and its own arts programme to a sublime setting.
“Our vision for the overall development is starting to come to life and there is a buzz to the area which will only grow as the plans progress and we add more elements to the site.”
The scheme was designed by architectural practice AHMM with Sir Robert McAlpine as the main contractor. Property firms JLL and Cushman and Wakefield are the joint letting agents.
Cameron Stott, JLL Edinburgh’s lead director, said: “There is an acute shortage of Grade A office accommodation in Edinburgh, and with no other new build office space available and completing before 2024, the delivery of 1 New Park Square is critical for the city.
“As businesses return to the office, we have seen a significant increase in demand from occupiers seeking high quality space which they can use to encourage their staff back to the office – 1 New Park Square certainly meets those requirements.”
James Thomson, a partner at Cushman & Wakefield Edinburgh, added: “The highly sustainable approach to design and operations, and the intense focus on creating a great working environment through provision of outstanding amenities and an exceptional customer experience, is central to meeting ESG [environmental, social and governance] obligations and attracting increasingly demanding top talent.”
In addition to 1 New Park Square, Edinburgh Park will comprise a further 1,000,000 sq ft of commercial space and up to 1,800 homes including for sale, rent and affordable housing.
Last month, new figures revealed that the number of medium and larger office deals in Edinburgh had pushed above pre-Covid levels.
Deals involving office space of 5,000 sq ft and over in the first quarter of 2022 rose compared to the same quarter pre-pandemic, according to JLL. The average UK occupancy levels from research done by the firm peaked in Q1 at 38 per cent.