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Aberdeen: Industrial lettings in 2018 up 40% up on last year

Aberdeen: Industrial lettings in 2018 up 40% up on last year

Aberdeen saw 38 industrial lettings take place in the first half of 2018 according to Savills, totalling 314,440sq ft, and marking a 40%  increase on the 27 deals agreed in the same period in 2017.

The majority of activity has been in the sub 10,000sq ft bracket however Savills says growing momentum at the lower end of the market is filtering through and leading to a number of the larger, speculatively developed units going under offer or letting up. The most recent example of this is Knight Property Group’s 15,000 sq ft at Unit 2 at Kingshill Commercial Park. This activity leaves all but one high-quality spec build in this size bracket available (15,000 – 20,000sq ft).

Claire Herriot, in the industrial agency team at Savills in Aberdeen, says: “There has been a notable increase in activity in Aberdeen’s industrial market in 2018, with more enquiries and viewings converting into new lettings, albeit at a cautious pace.

“With impending lease events in 2019/20 occupiers are thinking ahead in order to secure a good deal, and the supply of medium sized, new units is diminishing.  Power Jack’s decision to commit to a design and build unit at Kingshill serves to highlight the lack of available product of this size and quality in prime locations. Unit 7A ABZ Business Park will soon be the only new build facility  in the 15,000 – 20,000 sq ft bracket available for immediate occupation and we have seen a strong level of interest from occupiers in recent weeks”

Take-up in the same period in 2017 amounted to 369,000sq ft, marginally ahead of 2018, with the purchase of the former TOTAL site on Crawpeel Road in Altens, now known as Aberdeen One Logistics Park, equating to c.20% of all activity (70,000 sq ft) in H1 2017.

Savills is marketing 7A International Avenue, ABZ Business Park on behalf of GSS Developments. The unit totals 20,645 sq ft.

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