Scottish commercial property market shows growth | 29 May 2013
Scotland’s commercial property sector has reported the strongest growth figures since Q3 2011, business7.co.uk reports.
The latest ‘Scottish Property Quarterly’ report from property consultants CBRE has shown that the retail, industrial and office sectors have all reported growth, thereby moving the industry into positive figures for the first time in close to 18 months.
On the whole, the Scottish property market posted a 0.2 per cent return rise in the first quarter of 2013. Whilst this is still marginally lower than the UK average, that total is driven up by strong but unrepresentative figures for Central London. In the warehousing sector, meanwhile, Scotland was shown to outperform the rest of the UK.
In total, the Scottish property investment market saw £123 million transacted during the first quarter of 2013, of which £72 million was in the office sector. Retail transactions, meanwhile, totalled £24 million, whilst the industrial sector was responsible for £18 million.
Commenting on the results, senior director of CBRE’s Scottish Division, Aileen Knox, told scotsman.com: “Our research shows signs of modest growth across Scotland’s commercial property market, indicating that the Scottish economy is continuing its slow recovery from the recession.
“The overall UK performance is driven by the strength of the Central London property market; in fact, if London and the South East are stripped out of the UK figures, Scotland is one of the UK’s strongest regions.”
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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