Aberdeen sees office take-up boom, with Q1 already equal to 2021 total

Office take-up in Aberdeen has in the first three months of this year alone almost reached the total figure achieved in 2021, according to analysis from Knight Frank.

The independent commercial property consultancy has found that 195,905 square feet of office space was transacted in the first quarter of 2022, compared to around 197,194 sq ft for last year.

Knight Frank said it acted on deals representing more than half of the take-up figure for the quarter, with the figure buoyed by Shell’s 100,000 sq ft letting at the Silver Fin Building, which concluded in January.

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Additionally, the North Sea Transition Authority – formerly the Oil and Gas Authority – took around 18,000 sq ft at 1 Marischal Square during the first quarter, while energy services company Ponticelli secured about the same amount at Abercrombie Court in Westhill.

Matt Park, partner at Knight Frank Aberdeen, which earlier this year flagged a cautious sense of optimism returning to the office market in the Granite City, praised a “positive” start to 2022. “At the beginning of the year, we expected to exceed 200,000 sq ft of take-up by the end of June, but we are very close to reaching that figure in just three months,” he said.

Mr Park added that despite the challenging backdrop, there is cause for confidence. “More occupiers in Aberdeen are looking for space and, broadly speaking, their requirements seem to be larger. There is also a good level of activity for smaller requirements.

“All things being equal, we expect more companies to assess their options in the remainder of 2022, with a significant amount of stock available to them in the city.”

'Notwithstanding the uncertain wider economic picture, it has been a positive start to 2022 for the Aberdeen office market,' according to Knight Frank. Picture: contributed.

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