Take-up

Office take-up in Aberdeen in 2024 totalled 234,052 sq ft, which was 27% below the same period in 2023. This was across 72 transactions, 12% higher than the five-year average number of deals. The second half of the year was stronger for take-up, with this being 56% higher than the first half, and accounting for 61% of the annual total.

Grade A take-up in 2024 totalled 47,024 sq ft, with eight deals done during the year, and therefore accounted for 20% of the total. There was one Prime deal in 2024, which was acquired by Peterson at Marischal Square, for a total of 6,030 sq ft.

Supply

Availability at the end of 2024 stands at 1.8 million sq ft, slightly below the previous quarter, and also a 19% decrease on the same period in 2023. The overall vacancy rate has decreased by 50 basis points to 17.4%, well below the highs witnessed in 2021.

Grade A availability totals 188,847 sq ft, a decrease of 1% on Q3 2024, and 56% below the total in 2019, demonstrating the absence of new best-in-class developments within Aberdeen. The Grade A vacancy rate has decreased by 10 basis points to 1.8%.

Take-up by business sector

'Extraction & Utilities' was the most active sector during 2024, with a total of 57,260 sq ft leased through 14 lettings, consequently accounting for 24% of the total. The largest deal in the sector, and during 2024, saw OEG acquire 16,591 sq ft of space at The Stratus Building in Q3.

A further notable sector included the 'Professional' sector, which leased a total of 49,514 sq ft and therefore accounted for 21% of the total. This was across 13 deals, with the largest seeing engineering firm Alatas acquire 10,409 sq ft at Enterprise House. The 'TMT' sector was also active, accounting for 19% of the total through ten transactions, with three of these over 5,000 sq ft.

Rents

There was no change in the Prime rent in 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 that there will be significant rental growth in the next five years, with most recent forecasts projecting a 2% increase to £33 per sq ft in 2025, with further growth of 8% to £35 per sq ft expected by the end of 2029.

Find out more about Aberdeen's property market here.

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