Aberdeen office lettings double in 2018 year to date

The Silver Fin Building
The Silver Fin Building

At the end of Q3 2018, Savills research shows that Aberdeen had seen 74 office lettings complete in the year to date, nearly double the number of deals to complete than in the same period last year (45 lettings) as the market continues to galvanise, says the international real estate advisor.

Activity sees take-up for the year to date total 276,240 sq ft (25,663 sq m), says Savills. Take-up for the whole of 2017 totalled over 400,000 sq ft (37,160 sq m) across 67 deals, with the city’s two largest deals accounting for almost 50% of annual take-up.

Dan Smith, director in the business space agency team at Savills Aberdeen, comments: “In tandem with the strong recovery in Brent Crude Oil, that is now hovering around $80 a barrel (October 2018),  we continue to see more activity in the market as evermore businesses look for office space in Aberdeen. As we reported at the half year point, when it was apparent there were more office lettings happening, a market with greater churn is a healthier one and it is encouraging to see this upward trajectory continue.”

Key deals include: Aberdeen Journals, RBS and NHS at Marischal Square; Verus Petroleum, Barclays and CATS Management at The Silver Fin Building; and Noble Drilling’s acquisition of The Stratus Building at ABZ Business Park.

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