Fergus McDonald, Commercial Property Director, provides some local market commentary:
Dundee’s commercial property market has remained resilient throughout lockdown restrictions with letting activity being driven by small to medium sized industrial deals. Market conditions for the office and retails sectors have proved more testing with demand from private sector tenants understandably falling as a result of the pandemic. Despite this, Dundee has been registering some of the strongest take-up among Scottish office markets in recent months, fuelled primarily by three large lettings to BT, Social Security Scotland and NHS24, alongside a series of smaller lettings to government and public sector bodies including the HM Courts & Tribunals Service, Scottish Ministers, and the Department for Work & Pensions.
Many occupiers continue to review future requirements and, in many cases, look to adopt a more agile approach to working and in some instances reduced space requirements. Although there is some way to go before, we are at pre-pandemic levels of demand, we have seen a noticeable upturn in activity since the start of the summer, when lockdown restrictions began to ease, and we expect to see more activity in all commercial property sectors towards the end of the year and into 2022.
We are delighted our dedicated agency team has, once again, picked up the CoStar Award for Most Active Single Branch Agency for Central Scotland and Estates Gazette Most Active Dealmaker 2021 for East of Scotland. The success has been down to great teamwork throughout Westport Property and hard working to secure occupiers in an uncertain market.
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