We expect a number of larger, high profile office buildings in Glasgow to become available in 2017, and we anticipate a more balanced investment picture across the Scottish cities
■ The Scottish office market has seen stable levels of take-up during the first quarter of 2017. Total take-up for the Scottish cities reached 573,718 sq ft, in line with the quarterly average.
■ Savills forecast office take-up for the key Scottish markets to reach a combined 1.7m sq ft for 2017, 17% above the total take-up during 2016, driven largely by an improving Aberdeen market, with stable levels in Edinburgh and Glasgow.
■ We expect top rents to remain stable in the Glasgow and Aberdeen markets at £30 per sq ft and £32 per sq ft respectively. Edinburgh is forecast to see a 1.5% rise to £34 per sq ft by the end of the year, driven by new product coming onto the market.
■ Scottish office investment reached almost £125 million during the first quarter of 2017, around 31% down on the five-year quarterly average, with a balanced spread across the key Scottish cities.
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