Hill of Rubislaw in Aberdeen reflects the changing face of the North Sea oil and gas industry, two of the north-east’s leading commercial property experts said yesterday.
A transformation since the oil price crash of late 2014 has seen a string of larger players giving way to smaller, more nimble entrants to the market.
According to Derren McRae, managing director in the Aberdeen office of CBRE, and Ryden regional managing partner Arron Finnie, “the Hill” highlights the changing times.
Since three office buildings on the development changed hands in 2014, none of the original occupants has remained.
Big hitters who dominated the North Sea industry in the 1970s and ’80s have gone, making way for new, more agile players.
Mr McRae said: “Established majors like ConocoPhillips, Marathon and Chevron have moved on to concentrate on other markets, leaving the North Sea to an influx of new entrants.
“Many of the new companies driving the North Sea at the moment are doing so because they are more streamlined and able to work off smaller margins.
“Companies moving to the Hill of Rubislaw include some of these newcomers to the oil and gas marketplace – like Serica Energy, Siccar Point and Chrysaor – and newcomers to Aberdeen including CityFibre, showing greater diversification in the local economy.
“Once dominated by the bigger players, the Hill of Rubislaw has welcomed this wave of new entrants as it can offer the type of office space these occupiers are after.”
Mr McRae said the site had given a new generation of businesses the “kerb appeal” that was previously the preserve of oil and gas majors, while providing the flexible space they want in order to grow in tandem with their business.
Mr Finnie said the development also gave these new companies a central location, “great” transport links and an “excellent” car parking ratio.
He added: “Hill of Rubislaw continues to tick a great many boxes for companies with an eye to move to highly-flexible, modern, well-located quality office space.”
CBRE and Ryden are joint letting agents for the site.