THE office market in Aberdeen has rebounded to record its strongest take up of space since the downturn sparked by plunge in oil prices in 2014, writes Scott Wright.

The Granite City office of property firm Savills declared confidence has returned to the market as it reported that 513,525 square feet of space was taken up in 2019, up from 388,277 sq ft in 2018.

Figures for 2019 included the busiest quarter in more than five years, Savills said, when deals for around 240,000 sq ft were completed in the final three months of the year. The improving sentiment in the city was underlined in December when the head office of oil services giant Wood was sold for

£80 million. Sir Ian Wood House was acquired by LCN Capital Partners from HFD Property Group in the biggest deal seen in the city last year.

Dan Smith, of Savills Aberdeen, said: “The tide is turning in Aberdeen and we’ve seen confidence return to the market following a recovery in the energy sector and rising oil prices. We’ve experienced one of the strongest years of office take-up in five years which is a positive sign for the

Aberdeen market.”

Major moves in Aberdeen last year saw Oceaneering sub-lease 51,356 sq ft solutions at Aberdeen International Business Park and TAQA take 76,620 sq ft at Prime Four Business Park in Kingswells.