Tuesday, October 22, 2019

Research reveals latest Aberdeen office market stats

Derren McRae
Derren McRae

Property consultancy CBRE’s Q3 2019 office market figures have revealed the latest trends in Aberdeen office lettings.

The third quarter of 2019 saw 122,770 sq ft of office take-up, including the city’s largest deal in three years with the letting of 51,356 sq ft at B3, Aberdeen International Business Park, to Oceaneering. The figure represents an increase of 27% when compared to the 96,819 sq ft transacted for the same period in Q3 2018, and brings the total for 2019 up to 266,466 sq ft.

Derren McRae, head of CBRE in Aberdeen, commented: “Momentum in the Aberdeen office market continued into the third quarter.

“The acquisition of 50,000 sq ft at B3, Aberdeen International Business Park in Dyce by Oceaneering represents the largest deal in Aberdeen in the past three years, and was part of a wider consolidation exercise by the company which will also see it build a new purpose built 88,000 sq ft industrial facility at D2 Business Park.  This deal demonstrates that there continues to be excellent opportunities in the market for occupiers to upgrade their accommodation without necessarily having to increase occupational costs.

“Looking ahead to the end of 2019, we are of the view that the 400,000 sq ft mark recorded in previous years will be surpassed as a consequence of transactions scheduled to complete in Q4.”

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