Significant investment in the North Sea oil and gas industry propelled Aberdeen’s office market to another record year in 2012. The city saw total take-up of 883,000 sq ft last year, 14% above 2011’s previous high.
With space and development opportunities limited in the city core, out-of-town locations dominated 2012 activity, accounting for 76% of annual take-up.
At £31.50 per sq ft, Aberdeen’s office market commands the highest prime headline rent of any key market outside London and the South East.
Office investment turnover reached £203m in 2012, more than double the level seen in each of the previous two years. Investors are attracted to the relative strength of Aberdeen’soccupier demand, evidence of rising rental levels and the quality of covenants associated with the oil and gas industry.
Source : Knight Frank