Aberdeen’s effervescent property market has started to lose its fizz since the plummeting price of crude oil has threatened to bring the Granite City’s uninterrupted good times to a halt.
Interest in the city’s property market is pausing and office occupier activity is expected to slow down, partly because of the price of oil, but also because the majority of occupiers have spent the past four to five years organising their long-term occupational needs.
“The whole industry is considering where it is and what space it wants,” says Abstract Securities managing director Mark Glatman. “And that is fine, as it gives infrastructure a chance to catch up.”
While Abstract plans to stay and dig in deeper, Glatman feels others may be put off by the boom town’s return to reality.
“People who are less committed to this market will simply not come,” he says. “If you were thinking of buying a bit of land and doing a spec office, you’d run a mile now.”
Click here to read the full analysis of the Aberdeen market.
