Commercial property ''boosting Scottish economy'' - commercial mortgages

12 November 2007

The size of the commercial property market in Scotland is equivalent to around 8.5 per cent of the country''s economic output, according to a new report from the Scottish Property Federation (SPF) and GVA Grimley.

The Scotsman reports that commercial property contributes £7.34 billion a year to the economy, with commercial buildings owned by firms with commercial mortgages and others valued at a collective £51 billion.

However, the study suggests that many of these buildings must be replaced if they are to continue to attract investment in the future.

"Modern stock with good access to broadband is more likely to attract inward investors and indigenous occupiers than stock over 20 years old in need of significant refurbishment," said GVA Grimley''s head of research in Scotland Dr Ed Trevillion, according to the Scotsman.

Last month saw the opening of the Silverburn retail park in Glasgow – the largest such complex in the country.