With demand for city centre office space growing, developers and building owners are being urged not to lose sight of the opportunities to transform and revitalise historic buildings.
Edinburgh’s unique Georgian architecture is one of the city’s most striking historical assets. But could it also be an increasingly influential feature of the capital’s future?
Property experts believe that considerable potential remains untapped in repurposing and revitalising remarkable buildings in areas such as the New Town to help meet modern demands.
It is work which could not only help meet growing demand for office space in the city centre but also support wider regeneration by encouraging more people to work - and live - there.
While a number of buildings have been transformed over the years, improved retrofitting skills - ensuring older buildings meet the latest expectations in energy efficiency and overall feel - are ushering in a new era of opportunity, giving a new lease of life to Georgian and Victorian sites.
This could help reverse data from property firm Savills, which show Edinburgh lagging behind other cities in terms of available capacity in its office market.
If we’re thinking of environmental sustainability, there’s nothing more sustainable than repurposing the buildings we have already. Not only will this breathe new life into the building itself, but into the wider area too. The benefits are huge.
Unlocking potential in historic buildings
The beauty of what we have in Edinburgh is that the spaces can be so flexible in how they are adapted. Accelerated progress on this front will help address any nervousness about the gap between demand and supply for office space which we do not want to see deterring businesses from setting up, evolving or expanding in the city.
There is scope to help meet the growing demand that we know is there for high-quality office space, but also for creating options such as serviced apartments and additional high-end accommodation, particularly on vacant upper floors.
The right project, in the right building, can be incredibly attractive to investors, who already recognise that Edinburgh is a great place to do business.
As a UNESCO World Heritage Site, Edinburgh’s New Town is considered to be one of the world’s finest examples of Georgian urban planning and architecture.
High-profile transformations of some Georgian buildings over the years have included the creation of a new tearoom in the Signet Library at Parliament Square, the institutions which have made Charlotte Square their home, and the evolving face of George Street with attractions including The Dome in some of its most prominent properties. Recently, Ardstone Capital completed a major refurbishment project to create modern offices on St Andrew Square.
Looking at Victorian buildings, Gleneagles Townhouse on St Andrew Square has evolved from a private mansion to a bank and now a hotel, while there are plans to turn the twice fire-ravaged former Jenners department store on Princes Street into a hotel. Even where buildings are currently partially occupied, the potential also exists to ensure every space is fully utilised. City centres of the future are going to be places where people live, work, and visit. The dominance of a single sector, such as retail, is over.
A new era for Edinburgh’s office market
City centres of the future are going to be places where people live, work and visit. The dominance of a single sector, such as retail, is over.
In a place like Edinburgh, the future is about bringing commerce and culture together. Investors recognise that and are staying alert to new opportunities.
They include those at ground level, but also where there is the prospect of mixed-use spaces - perhaps a shop, office or visitor attraction on the ground floor with residential spaces above.
While there remains scope for new office developments - such as those currently taking shape at Haymarket - refurbishment may also be part of the answer, not only supplying space but also creating construction jobs too. It is a solution which could offer opportunities for building owners, developers and investors.
Five years ago - as so many people were working from home amid coronavirus restrictions - it was difficult to believe that we could once again face a shortage of office space. Yet that is exactly where we find ourselves, as the needs of businesses and the spaces they require have evolved post-pandemic.
There’s demand, some of which can undoubtedly be filled not just by refurbishing the fantastic buildings we have, but by transforming them.
We know from the landlords, tenants and investors we advise that businesses are no longer willing to compromise on what they need. They want modern, flexible, sustainable spaces - and a lot of them like the character of historic buildings, but also want to ensure their modern environmental, social and governance standards are also met.
In a spotlight on Edinburgh’s office market in May, property firm Savills reported take-up in the city during the first quarter of this year was 54% higher than during the same period in 2024.
It stated: “The city’s office market is struggling to keep up with the growing demand from businesses eager to capitalise on this talent pool. Prime availability decreased by 12% at the end of 2024, with only 0.6 'years of supply' in Edinburgh based on average Grade A demand.”
Future vision: mixed-use and regeneration
Peter Fraser, a partner at EYCO chartered surveyors in Edinburgh, believes this lack of existing stock is further exacerbated by a very limited pipeline of new office buildings. Edinburgh’s World Heritage status and the associated planning process, he explains, make it both slow and expensive to build new, meaning Edinburgh needs to look at its existing buildings for much of its future office stock.
He said: “The lack of stock and constrained pipeline means that many occupiers are beginning their searches three to five years in advance of their lease ends and committing to pre-lets [leasing before or during construction] in order to secure the best office space for their business.”
Since Covid, employers have been focussed on relocations within the city centre. Peter states that since the lockdown, 82% of all office take-up has been in the city centre, compared with 62% pre-lockdown.
“Employers want their office to be close to railway stations, other transport hubs, retail and leisure attractions, whilst seeking the best quality accommodation to attract staff back into the office,” he added.
“In saying that, a new dynamic we are seeing is the reversal of the home working trend. In particular, many of the financial institutions in the city want staff back in the office five days a week which is putting pressure on their existing office space.”
Key regeneration organisations recognise that a mixed-use approach to buildings is critical for the future of city and town centres.
A series of events last year - led by Scotland’s Towns Partnership alongside the Scottish Futures Trust, Architecture and Design Scotland, and the Scottish Land Commission - explored the potential of town and city centre living to unlock wider regeneration, including the repurposing of existing buildings.
No city centre can afford to have useful spaces standing empty. If Edinburgh is to truly capitalise on the demand it is seeing, then it needs to make creative use of every asset available.
Published 11 November 2025
