Take-up

Take-up in Aberdeen in the first quarter of 2025 totalled 61,942 sq ft, which was achieved through 13 transactions, on par with the number of transactions in the same period in 2024. Take-up was 94% higher than Q1 2024 and 154% higher than the previous quarter but was down on the long-term Q1 averages.

Grade A take-up totalled 14,129 sq ft from two transactions and accounted for 23% of the total, while secondary take-up totalled 47,813 sq ft and accounted for 77%.

Supply

Availability in Aberdeen at the end of Q1 2025 stands at under 1.7 million sq ft, a 6% decrease on the previous quarter. This means the overall vacancy rate has also decreased to 16.4%, representing a decline of 100 basis points (bps). Secondary stock still accounts for the largest proportion of supply, totalling 1.5 million sq ft.

Grade A availability has also decreased by 6% to a total of 177,000 sq ft, consequently reducing the Grade A vacancy rate further to 1.7%. This is a decrease of 10 bps, demonstrating the continued undersupply of best-in-class space.

Take-up by business sector

The most active sector during the first quarter was the 'Property company, development and construction' sector, which accounted for 42% of the total take-up. The sector leased a combined 26,000 sq ft through two deals, the largest of which was acquired by CHAP (Holdings) Limited for a total of 24,152 sq ft at Pavilion 2, Arnhall Business Park.

Another active sector in Q1 2025 was the 'Distribution & Logistics' sector, which accounted for 16% of the total. There was only one deal in the sector, which totalled 9,960 sq ft and was acquired by North Star Holdco Limited at Prime View, Prime Four Business Park.

Rents

There was no change in the prime rent in Q1 2025, 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 the 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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