85 per cent increase in Aberdeen office space take-up

According to the latest figures from property consultancy CBRE Scotland, take-up of office space in Aberdeen in 2017 has been recorded at 405,000 sq ft, representing an 85 per cent increase from 2016.

Derren McRae, managing director of CBRE’s Aberdeen office, said: “There certainly appears to be an improved level of positivity since returning to our desks this January when comparing market sentiment at the start of recent years in the city. Undoubtedly the increased office take-up levels over 2017 are a factor in this, coupled with the steady improvement in oil price which is encouragingly hovering around the $70 per barrel mark.

“Looking back on 2017, the two headline transactions were, Total relocating from Altens to acquire a surplus 138,000 sq ft Subsea 7 building at Westhill, and Chrysaor taking the majority share at The Capitol with 48,000 sq ft across four floors. Both lettings are testament to infrastructure improvements and recent speculative commercial development.

“The Chrysaor move from Altens to The Capitol shows a positive commitment to both Union Street and the city centre – this is the first time a large oil operator has moved staff from an out of town location back in to the city centre.

“However with the AWPR nearing completion, we are seeing occupiers being prepared to relocate a significant distance to alternative locations of the city for better quality office accommodation, when previously there would have been major resistance to move from one out of town location to another.”