Commercial property consultant FG Burnett has reported a high level of office space market activity in Aberdeen. They say optimism in the business sector has improved greatly and demands have increased.
They believe that these signals point to a strong recovery in the Aberdeen office space market. Rents have stayed at the same pricing level, but now potential tenants are benefiting from better incentives and packages. (more…)
Prupim have bought a development in Westhill, Aberdeen, the largest commercial development sale in Aberdeen for around two years.
They paid £36 million for the development, reflecting a net initial yield of 7.1%. The development was completed in October 2008, and is currently the headquarters for construction and engineering company Acergy UK, who have a 20 year lease on the site.
Stewart Milne Developments sold the site to Prupim and were represented by Ryden, whilst Lewis Ellis represented Prupim. (more…)
Engineering and design consultancy firm, ClerkMaxwell, has secured more than £5 billion worth of contracts in the last 4 months.
The Aberdeen-based company has only just celebrated its first birthday and is now looking to more than double its workforce in the next year. The firm have already increased their Aberdeen office space and now plans to recruit at least 60 more staff to work on projects in the North Sea and around the world. ClerkMaxwell currently employs 40 staff at the Salvesen Tower HQ with a wide range of technical and development skills, encompassing both topsides and subsea disciplines. (more…)
Aberdeen has entered into the race to become the UK’s first “City of Culture” in 2013 in an attempt to boost it’s struggling local economy.
The new initiative comes on the back of the success of Liverpool being christened the “Capital of Culture” in 2008. Since winning the title, Liverpool has seen a huge growth in it’s economy as well as a rise in confidence and optimism among local businesses. Aberdeen are hoping winning the title would have a similar positive effect on them. Since the economic downturn took hold, rents have fallen to an almost all-time low for Aberdeen office space and many Scottish SME’s have struggled to survive. (more…)
According to the latest market activity report from Knight Frank, Aberdeen would be the first place which would recover from recession.
The city reported a record growth in the amount of office space required and the best part is that even though the world has been badly hit by recession, Aberdeen has recorded growth for two years in succession.
The report by Knight Frank states that though the requirement of office space is likely to be lesser than usual in the next year and half but Aberdeen is set to maintain the current requirement rather than having a decreased requirement compared to other place of the United Kingdom.
The Aberdeen office space market is one of the most healthy in the whole of the UK. This is largely due to continually strong demand, (especially from companies involved in the oil industry) and also that lack of new, high grade office stock.
Rental values have remained consistent at around £30 per square foot, which is inline with what landlords are asking for premium office space in both
Glasgow and Edinburgh. Some of the most prominent business locations in Aberdeen are Union Street and George Street.