Commercial Market Activity in the Highlands and Islands
The end of the year 2017 moving into the beginning of 2018 has been a busy time in the world of commercial property. During a period which is renowned for being a quieter period of the year, with the festive period dominating the agenda, there has continued to be a significant level of activity within the commercial market in the Highlands and Islands and Moray.
Our research shows that since November 1st, 2017 there has been 36 commercial sales and 27 concluded lettings recorded in the area, somewhat surprisingly the bulk of this activity has been in the retail market, with 23 transactions concluding, industrial property is the second most active market with 17 transactions closely followed by offices with 13 transactions. Not included in these figures are deals involving operational entities such as hotels and guest houses. As a result of a strong year for tourism in the Highlands, driven by the popularity of places such as the Isle of Skye and the increasingly popular North Coast 500 tourist route, we have noted a high volume of sales concluding in this sector.
This volume of transactional activity across the region has resulted in increased activity for our commercial valuation and commercial energy assessment team, with a variety of instructions coming in from all areas. Our own agency department has also been kept busy during the winter months, with 13 new properties being brought to market from Inverness up to Orkney, and more encouragingly 7 properties have been placed under offer in that time period.
With increasing volumes of commercial valuation instructions from both private and institutional clients, more properties to come to the market in the coming months, and negotiations at an advanced stage on a number of deals, the signs all indicate that 2018 is certainly not going to be quiet for commercial property in the Highlands and Islands.