Take-up

Office take-up in Aberdeen during Q3 2024 totalled 118,000 sq ft spread across 22 transactions, which was 18% higher than the five-year Q3 average number of transactions. Take-up was 99% higher than the previous quarter, and 42% higher than the Q3 five-year average. Year-to-date (YTD) take-up totals 210,000 sq ft, 13% below the five-year Q1–Q3 average.

Grade A and Prime take-up in Q3 2024 totalled 34,000 sq ft, which was 65% higher than the five-year Q3 average Grade A and Prime take-up. Therefore, this accounted for 29% of the total. YTD Grade A and Prime take-up totals 42,000 sq ft, and accounts for 20% of the total. 

Supply

Availability in Aberdeen at the end of Q3 2024 stands at 1.8 million sq ft, a 4% increase on the previous quarter, although well below the same period in 2023. Consequently, this means the vacancy rate is now 17.9%, with the majority of this dominated by secondary stock.

Grade A availability at the end of Q3 2024 totals 192,000 sq ft, 4% higher than the previous quarter. The Grade A vacancy rate has increased marginally by 10 basis points to 1.9%.

Take-up by business sector

The most active sector during Q3 2024 was the 'Professional' sector, which accounted for 27% of the overall Q3 total. The sector leased a combined 32,000 sq ft across six deals in the quarter, with the largest totalling 10,000 sq ft, which was acquired by Alatas at Enterprise House.

Another notable sector in the quarter was the 'TMT' sector, which leased a total of 25,000 sq ft across three deals, consequently accounting for 21% of the Q3 total. The largest of the three deals saw Sword acquire 16,000 sq ft at Hill of Rubislaw.

The largest deal of the quarter was in the 'Extraction & Utilities' sector, where OEG acquired 17,000 sq ft at The Stratus Building.

Rents

There was no change in the Prime rent in Q3 2024, with headline rent remaining at £32.50 per sq ft. With a constrained supply of best-in-class space in Aberdeen, Savills is predicting rental growth in the next five years, with most recent forecasts projecting a 2% increase to £33 per sq ft in 2024, with further growth of 8% to £35 per sq ft expected by the end of 2028.

Find out more about Aberdeen's property market here.

Interested in other areas of the UK?

View all of our latest Q3 2024 Occupational Office Data research here.