Take-up in Q1 totalled 68,763 sq ft, relatively subdued by recent standards and the lowest quarterly total since Q4 2010. The largest deal in Q1 took place in Dyce, where Apache agreed to assign their lease of 27,862 sq ft at Alba Gate, Stoneywood Park, to Helix Energy Solutions Group.
In the West End, 17 Rubislaw Terrace was let to Ardax Petroleum for £30.19 per sq ft while Westgait, 8 Alford Place was let to The Big Partnership at a rent of £30.72 per sq ft. The smaller deals reflect the continued upward pressure on rental levels seen in the West End.
Q1 also saw Premier Oil confirmed as the next tenant to agree a pre-let, subject to planning, at Prime Four, Kinsgwells. Premier Oil has agreed to a 15 year lease of 63,180 sq ft at a headline rent of £27.75 per sq ft.
Source : Knight Frank