Central Scotland Commercial Market Update

While Central Scotland has by no means been immune to the turmoil that has affected all property sectors over the past 3 years or so, the majority of markets have continued to function in some way shape or form. Indeed certain sectors have actually performed reasonably well, most notably the industrial market where a continued lack in the supply of good quality units has tended to ensure adequate interest in those becoming available within mainstream estates.

Industrial rentals would also appear to have remained relatively stable and again this is down to the fact that supply and demand have been relatively balanced, a position which is often not the case in other areas.

While uptake in the industrial sector has been relatively steady the office market has been particularly difficult, a position which is far from unique to the area. There are however signs that interest in smaller, flexible office suites is beginning to return with good uptake within local business centres such as The Hub in Grangemouth pointing towards flexibility as being a key consideration in occupiers minds.

Additionally, the recent letting of 36,000 sq.ft. at Antonine House, Callander Business Park, Falkirk also shows that there are still tenants out there who require substantial space, even if they are very few and far between. When it comes to retail, as with other areas High Streets have undoubtedly suffered but it is pleasing to see such major occupiers as HSBC, Wilkinsons and Airdrie Savings Bank opening units within the area.

There would however appear to remain an adequate appetite for smaller, secondary retail units from a typical range of local operators with the key being “affordability”. As such while conditions remain far from ideal the market within the Central area is generally ticking over with both vendors and purchasers/tenants well used to these changed economic circumstances.

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