The UK economy is in recovery but it is still rare for demand to exceed supply in the office market. Unless of course, you are searching for space in Aberdeen’s West End district.
Aberdeen’s office market like its economy, is booming. The vacancy rate at the end of June 2013 was 3.8% compared to Central London where it currently averages 10%.*
According to the founder of Tenant Advisory Group, Martyn Markland “this explains why office rents in Aberdeen are currently higher than anywhere else outside central London. In fact, if you factor in the rent free incentives that are available in the City of London, you could argue that Aberdeen is more expensive than the Square Mile.”
TAG recently launched a property search for an Aberdeen based client and will be conducting viewings of shortlisted properties later this month.
“We are looking to acquire either a self-contained building or an open plan floor in the West End district where the majority of corporates and professional services firms are located. Whilst vacancy rates are low, there is always availability due to the natural turnover of space. We are therefore confident that we can still unearth some great opportunities regardless of the published vacancy rates.”
*source: Co-Star Aberdeen Market Report Q2 2013.