Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Black gold fuelling office need

Marischal Square
Marischal Square

Higher oil prices are contributing to growing demand for office space in Aberdeen, new figures have revealed.

According to property consultancy CBRE Scotland, the Granite City office market continued its “steady” start to 2018 in the second quarter.

CBRE said 89,776sq ft of accommodation was transacted during the three months to June 30, slightly more than first quarter take-up of 88,774sq ft – taking the total for the first half of 2018 to 178,550sq ft.

H1 2018 also saw a new record set for prime rents in Aberdeen, with £32.50 per sq ft achieved at the Silver Fin building in Union Street.

There were 50 office deals in and around the city over the six-month period, which is up 67% on a year ago.

Amy Tyler, a chartered surveyor in CBRE’s Aberdeen office, said: “We have certainly witnessed an improvement in sentiment in the Aberdeen office market.

“This is mainly attributed to the increase in oil price, which peaked at just under $80 per barrel at the end of June from circa $65 per barrel at the start of the year.

“This is beginning to filter through to the office market, where we have experienced an encouraging increase in demand for space.”

The largest letting of H1 2018 was 19,000sq ft to Aberdeen Journals, which took the top floor of 1MSq, Marischal Square.

CBRE said energy sector demand was encouraging, with deals including

BWO Offshore securing 10,325sq ft in Horizons House, Ping Petroleum taking 8,777sq ft at Caledonian House, and Verus Petroleum and Cats Management taking 6,079sq ft and 4,193sq ft respectively in the Silver Fin building.

More recently, Serica Energy announced take-up of a 7,730sq ft suite at H1, Hill of Rubislaw.

Banking sector activity includes Royal Bank of Scotland taking 7,000sq ft of 2MSq, Marischal Square, and Barclays securing 3,100sq ft in the Silver Fin.

Recommended for you

More from Energy Voice

Latest Posts