Savills reports fresh signs of recovery and growth in Aberdeen office market

By Keith Findlay

November 3 2022, 6:00 am

This office on Carden Place has been snapped up in a six-figure deal

Savills has notched up five Aberdeen west end office deals in a month.

The global property giant said they reflected an uptick in occupier activity amid recovering business sentiment in the Granite City.

Ben Clark, graduate surveyor in the office agency team at Savills in the north-east, added: “Aberdeen’s offices market continues to show signals of recovery and growth.

Ben Clark, graduate surveyor in the office agency team at Savills in Aberdeen said the city’s west end “has always been desirable”. Image: Savills

“These latest deals are testament to that.

“The west end of Aberdeen has always been one of the most prominent settings in the city and, therefore, has made for a desirable business address.

“The area benefits from strong transport links and close proximity to Union Street.”

New premises for communications firm Aspect

The five deals included the sale of ground, first and second floor offices, totalling 2,066sq ft, at 42 Carden Place to Aberdeen-based communications company Aspect.

Aspect paid £310,000 for the premises, with Savills acting for the seller – a private investor – in the deal.

Nearby, Savills struck a deal to let 2,241sq ft at 72 Carden Place on behalf of Quantum Claims.

Subsea industry experts and consultants Archer Knight will pay £41,000 per annum under the new five-year lease.

At 19 Rubislaw Terrace, Savills secured 706sq ft for executive search firm Norman Broadbent from Philip Argo in a new three-year lease, with the new tenant paying £15,000 per annum.

Meanwhile, 19 Albert Street – totalling 2,018sq ft – was sold to Newton Property Management for £275,000, with Savills acting for Aberdeen Endowment Trust.

Savills then advised the trust in a leaseback deal for the lower ground floor of the building, totalling 584sq ft.

Aspect, Philip Argo and Newton Property Management were advised by AB Robb, FG Burnett and Shepherd Chartered Surveyors respectively.

Dan Smith, head of office for Savills in Aberdeen, reported an increase in Aberdeen city centre office lettings earlier this year.

And with the best buildings nearing full capacity, alongside a dearth of new development, he predicted rents could start to tick up towards the end of this year.