Opportunities as Aberdeen office space take-up leaps in 2017

Take-up of office space in Aberdeen last year leapt by 85 per cent from 2016, according to CBRE Scotland.

The property consultancy said 2017’s total reached 405,000 square feet, and Derren Mcrae, MD of CBRE’S Aberdeen office, commented: “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.” He attributed this in part to the rising oil price.

Mcrae also cited two headline transactions in the year, namely 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,” he said, adding that the Chrysaor move marks the first time a large oil operator has moved staff from an out-of-town location back in to the city centre.

He added that all in all, sup- ply levels “may still be at a headline grabbing 2.8 million sq ft” but said some older stock would have long been redeveloped or altered in most other major regional UK cities.

“There has therefore never been a better time for opportunistic buyers to acquire some of the less sought-after stock for redevelopment as occupiers continue on the journey to quality.” 0 CBRE’S Aberdeen office MD Derren Mcrae notes positivity