ESTATE agents have said the rise in oil prices have helped boost take-up of business premises in Aberdeen.
Knight Frank said office deal activity for the last three months has taken the total take-up for the first half of 2022 to 250,000 sq ft, which is a “substantial increase” on the 55,597 sq ft let in the equivalent period last year.
The biggest deal of last quarter was Orega’s agreement to manage 15,000 sq ft at Aberdeen’s Silver Fin Building.
Eric Shearer, head of office at Knight Frank Aberdeen, said: “It’s been a relatively positive first half to the year, with Shell’s deal at the Silver Fin Building giving a real boost to the office market.”
READ MORE: Sharp decline in office take-up in Scottish capital
CBRE said that, buoyed by the rise in oil price, the total take-up in the first half of the year showed a 361 per cent rise from the same period in 2021.
It said other notable deals included Craig International taking 9,149 sq ft at Tern Place, Bridge of Don, whilst Ashtead Technologies agreed to sub-let 5,648 sq ft at Cumberland House in Westhill.
It said a limitation on Grade A stock will also encourage more landlords to refurbish existing stock to meet the demand of occupiers, “particularly with approximately 200,000 sq ft of active occupier requirements out on the market”.
Amy Tyler, associate director of CBRE in Aberdeen, said: “Not since 2015 has Aberdeen’s office market witnessed such high levels of occupier take-up in the first six months of the year.
"The city has always been, and will continue to remain, an attractive location for occupiers to be based in."
She also said that "as the world migrates towards renewable energies there is perhaps no city better placed to embrace this change, with Aberdeen already a leading figure in the development of sustainable energy".
"Looking ahead, we envisage there being a substantial increase in demand for office space within this sector."
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