According to the latest figures from international real estate advisor Savills, take-up in Aberdeen’s office market in the first quarter of 2018 totalled 88,774 sq ft (8,247 sq m) across 22 deals.
Key deals include Aberdeen Journals taking 19,000 sq ft (1,765 sq m) at MUSE Developments’ Marischal Square, while Anasuria Operating Company / Ping Petroleum signed for 9,000 sq ft (836 sq m) at Caledonian House, Union Row.
Dan Smith, director in the business space agency team at Savills Aberdeen, comments: “2017 witnessed a notable pick-up in activity in Aberdeen’s office market, however take up for the year was underpinned by two large lettings – Total at West Campus, Westhill and Chrysoar Energy at The Capitol – which together accounted for approximately 50% of last year’s total take up.
“We are expecting to see take up in 2018 continue to be made up of a greater number of smaller transactions. This should help create a healthier market, one which is characterised by greater stability, and is less susceptible to fluctuation – which in turn should further improve investor confidence.”
Total annual office take-up in Aberdeen in 2017 surpassed 400,000 sq ft (37,160 sq m) to double 2016 volumes, according to the firm’s research. Of this, 180,000 sq ft (16,723 sq m) occurred in the first quarter, across 11 deals.