Harbour Energy secures Aberdeen office space, lowest Grade A vacancy on record

Unit at Prime Four

HARBOUR ENERGY secures 34,000 sq. ft. at Prime Four Business Park, Kingswells, marking Aberdeen’s lowest Grade A vacancy at under 2%. Knight Frank brokers deal.

Harbour Energy has finalised a deal for 34,000 sq. ft. of Grade A office space at Aberdeen’s Prime Four Business Park, Kingswells. Knight Frank, the independent commercial property consultancy, facilitated the deal, bringing Aberdeen’s Grade A vacancy to a record low of under 2%. The modern office building, Unit 9 at Prime Four, was previously occupied by Schlumberger and boasts BREEAM ‘very good’ rating and energy-efficient technologies.

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The transaction reflects a trend in Aberdeen, with energy majors making significant property moves in 2023. Shell relocated to 100,000 sq. ft. at the Silver Fin Building on Union Street, while BP extended its lease at Stoneywood, the city’s largest office transaction of 2023. Knight Frank played a role in all three deals.

Eric Shearer, Head of Office at Knight Frank Aberdeen, acknowledged the challenges in the market and emphasised the need for occupiers to plan for the future and provide quality accommodation to encourage staff back to the office. The trend of prioritising high-quality space has led to a drop in Grade A availability, reaching a record low.

Matt Park, Partner at Knight Frank Aberdeen, highlighted the continued emphasis on high-quality buildings in decision-making processes. The health of the Aberdeen commercial property market remains closely tied to the price of brent crude, with strong occupier demand and increased deal flow since the pandemic lows, making the market more competitive.

Park commented, “The emphasis on prioritising high-quality space, which has been evident since the beginning of the Covid-19 pandemic, remains a noteworthy trend. Occupiers are placing a growing importance on the highest quality buildings in their decision-making process and, as a consequence, Grade A availability has dropped to a record low.”

Shearer emphasised the importance of planning ahead, recognizing the impact of brent crude prices, which have remained above $70 per barrel for the last two years, driving robust occupier demand and increased deal flow in the commercial real estate sector.

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