Office space take-up in Aberdeen raced ahead by 85% to 405,000sq ft during 2017 as oil prices started to recover.
CBRE said yesterday the upturn last year following a lean, oil slump-hit 2016 reflected an “improved level of positivity” around the city.
Hailing the international property giant’s latest figures as a sign of better market sentiment in Europe’s oil and gas capital, Derren McRae, managing director of CBRE’s Aberdeen office, said higher crude prices were a key factor.
Mr McRae added: “Looking back on 2017, the two headline transactions were Total relocating from Altens to acquire a surplus 138,000sq ft Subsea 7 building at Westhill, and Chrysaor taking the majority share at the Capitol, with 48,000sq ft across four floors.
“Both lettings are testament to infrastructure improvements and recent speculative commercial development.
“The Chrysaor move from Altens to The Capitol shows a positive commitment to both Union Street and the city centre.
“However, with the AWPR (Aberdeen Western Peripheral Route) nearing completion, we are seeing occupiers being prepared to relocate a significant distance to alternative locations of the city for better quality office accommodation.”