Oil price recovery boosts office activity in Aberdeen as uptake nearly doubles heraldscotland.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from heraldscotland.com Daily Mail and Mail on Sunday newspapers.
Latest research by global real estate adviser CBRE has revealed a positive end to 2020 for the Aberdeen office market, with a take-up of 155,926 sq ft for the final quarter. While this is down 34% on the same period in 2019, it is 26% up on the five-year average of 123,307 sq ft for Q4. The total take-up of office space in Aberdeen in 2020 was 424,797 sq ft. Although this is again down from 2019’s total of 505,710 sq ft, it is 11.3% above the five-year average and represents Aberdeen’s second-best year for office occupational take-up since the 2014 oil price drop. A further 186,000 sq ft of office buildings in Aberdeen were sold to developers for redevelopment or property investors for refurbishment and re-letting.