FG Burnett bucks the trend with a plethora of property deals…
FG Burnett has enjoyed a strong 2019, recording 92 commercial property transactions across the office, retail, industrial and development sectors, representing a deal every 3 business days. Despite challenging market conditions, the number of deals transacted in the office sector is approaching the levels prior to the oil price downturn in early 2015 and is indicative of growing optimism in the Energy sector and accordingly the Aberdeen property market. Whilst FG Burnett’s involvement in the majority of these transactions has been representing the landlord or vendor, there has been an increase in the number of tenant representation work, both for existing clients and new entrants into the oil and gas market.
The company has been involved in over 170,000 sq.ft of office transactions in 2019. This equates to approx. 33% of the total annual sq.ft office take-up. In terms of other sectors, 19 and 29 Industrial and Retail deals were completed respectively with the remainder for development.
FG Burnett’s Head of Agency Graeme Nisbet said: “the number of deals recorded is testament to the hard work of the Agency team and the wider support of the company. We have been operating in a very difficult market for the last few years due to the oil and gas downturn which has had a direct effect on the local property market with supply and demand at opposite ends of the spectrum. Thankfully we are now seeing more positivity in the market and this has translated into renewed demand and, for the first time in 4 years supply levels in the office and industrial markets have reduced. There are still challenges ahead however, but with challenge comes opportunity.
There has never been a better time for occupiers to acquire commercial property and I believe that we are well placed to offer the very best advice to clients.”
FG Burnett offers commercial property advice over a wide range of areas to include acquisitions & disposals, rent review, building consultancy, rating advice, valuation and property management.