Muse Developments, Aviva Investors and Aberdeen city council launched the £107m Marischal Square development in the Granite City last night.
Speaking exclusively to Estates Gazette, Stephen Turner, regional director at Muse Developments, said that although the city’s property market is now experiencing a recession on the back of the downturn in the oil and gas industries, serious talks for the 173,500 sq ft office element are likely to start in September 2017.
“We believe that in about a year’s time, it’s going to be a better market,” he said. “So we genuinely think that by the time we complete this building, we’ll have some good occupiers to talk to.”
Turner said letting agents CBRE and Ryden will still be targeting the energy sector, among others.
The 1m sq ft mixed-use scheme is due to complete in July 2017.
To listen to the interview in full, click here:
