Spotlight

Scottish Office Market

Scottish office market
Scottish Office Market

31 May 2017, by Mike Barnes

We expect a number of larger, high profile office buildings in Glasgow to become available in 2017, and we anticipate a more balanced investment picture across the Scottish cities

■ The Scottish office market has seen stable levels of take-up during the first quarter of 2017. Total take-up for the Scottish cities reached 573,718 sq ft, in line with the quarterly average.

■ Savills forecast office take-up for the key Scottish markets to reach a combined 1.7m sq ft for 2017, 17% above the total take-up during 2016, driven largely by an improving Aberdeen market, with stable levels in Edinburgh and Glasgow.

 

■ We expect top rents to remain stable in the Glasgow and Aberdeen markets at £30 per sq ft and £32 per sq ft respectively. Edinburgh is forecast to see a 1.5% rise to £34 per sq ft by the end of the year, driven by new product coming onto the market.

■ Scottish office investment reached almost £125 million during the first quarter of 2017, around 31% down on the five-year quarterly average, with a balanced spread across the key Scottish cities.

Articles from Spotlight: Scottish Office Market – Spring 2017

Scottish office market

The Scottish office market has brushed aside concerns of Brexit and Indyref2 during the first quarter of 2017 to record a strong quarter of take-up

 
 

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Key contacts

Mike Barnes

Mike Barnes

Research Analyst
Commercial Research

Savills Margaret Street

+44(0) 203 107 5459

 

Stuart Orr

Stuart Orr

Director
Investment

Savills Glasgow

+44 (0) 141 222 4144