North Sea oil and gas creates widespread benefits for the UK commercial-property market, according to a new report from Jones Lang LaSalle (JLL).
The property specialist adds that the energy sector is booming; creating more demand for office space in London, south-east England and Aberdeen.
JLL’s latest oil and gas digest says: “Market consolidation and technological innovation are creating new opportunities for oil and gas companies, while emerging markets are now realising potential; meaning that many larger UK businesses are expanding the export of their services and products into new markets with bolt-on acquisitions.”
It added that although there was a concentration of activity in the Aberdeen area, the benefits of the industry were widespread.
JLL says take-up activity in the Aberdeen office market has soared over the past 18 months, with 625,000 square feet secured during the first half of 2012 alone, despite a dearth of speculative development.