FG Burnett’s Industrial Agency team provides sales, lettings and acquisition advice across Aberdeen and the wider North East of Scotland, working with landlords, occupiers, developers and investors.
Director – Head of Agency, Jonathan Nesbitt and Surveyor – Agency, Hollie Stevenson advise across the industrial sector, on disposals, acquisitions, rent reviews, lease renewals, regears and development opportunities.
Jonathan said: “The industrial market in Aberdeen and the North East of Scotland has remained reasonably robust despite the challenges faced by the region. There is a flight to quality product, albeit the market is constrained by a lack of quality supply. New development remains challenging from a cost perspective and there is therefore a need and opportunity to refurbish older stock to fill the gap. Occupiers often have to compromise on their requirements and landlords similarly require to undertake alterations and refurbishments to ensure their product stands the best chance of finding a tenant / purchaser. For the high quality modern second hand stock, we are seeing rental levels increase, and incentives fall to levels not seen since pre Covid, with the limited new developments commanding levels significantly in excess of levels we have seen before.”
Hollie added: “Finding the right industrial property can be challenging, particularly when there is limited high quality supply in certain locations. For landlords/vendors, it is important to understand what occupiers are looking for and how their property compares with others on the market. For occupiers, it is about identifying premises that meet their operational needs on terms that work for their business. Having a clear understanding of the market can make a real difference to both.”
For a confidential discussion about an industrial property acquisition or disposal, or simply a review of lease terms please contact Jonathan Nesbitt or Hollie Stevenson at FG Burnett.