As 2026 draws to a close, commercial property investor behaviour has reflected a more selective and focused approach.

While wider economic conditions have encouraged caution, activity has continued in sectors and locations where there is clear occupational demand and long-term relevance particularly those aligned with logistics, sustainability and evolving occupier needs.

Industrial and logistics

Industrial and logistics property has remained an important part of the Scottish commercial property market in 2026, but the story is not simply about demand for more space. The quality and specification of that space have become increasingly important.

Savills’ July 2026 review of the Scottish logistics market highlights a significant supply constraint: while 2.75 million sq ft of big-box space was available, none of it was Grade A. The available stock was entirely second-hand Grade B or C space, with 77.5% classified as Grade C. Savills notes that occupiers are increasingly favouring high-quality, ESG-compliant space.

For investors this creates an interesting opportunity. There is potential in assets that can be refurbished, upgraded or redeveloped to meet modern occupier requirements.

Retail

Retail investment has been selective in 2026, with investors favouring established destinations with strong fundamentals.

In July 2026 Knight Frank reported UK retail investment volumes of £2.09 billion in H1 2026, down 17% year-on-year. However, shopping centre investment rose by 95% to £870 million, making it the strongest-performing retail sub-sector. Retail warehousing volumes fell, largely reflecting a lack of available stock rather than weak demand.

Knight Frank forecasts shopping centres to deliver an 8.5% total return in 2026, suggesting that well-positioned centres with strong occupier demand and potential for repositioning remain attractive.

For Scotland, established shopping destinations could therefore offer opportunities where strong footfall, a diverse occupier mix and limited competing development provide a solid investment proposition.

Offices

The Scottish office market in 2026 has been shaped by a shortage of high-quality space, particularly in Edinburgh and Glasgow. Edinburgh remains the tightest-supplied of the UK’s Big Six regional office markets, while best-in-class space accounts for just 5% of Glasgow city centre availability. This shortage has helped drive prime rental growth.

For investors, this has strengthened the appeal of: prime, well-located office buildings, sustainable and energy-efficient workspace, fitted and flexible offices and refurbishment and repositioning opportunities

With limited speculative development underway, existing buildings that can provide the quality occupiers are looking for may offer interesting opportunities. The wider trend is clear. the market is increasingly looking for better office space.

Alternative sectors: Energy, data and specialist uses

Alongside traditional sectors, 2026 has seen growing investor interest in alternative commercial property types such as energy and renewables-related sites, data centres and digital infrastructure and specialist industrial and research and development facilities.

These sectors are being driven by long-term structural changes in the economy, including the transition to renewable energy, advances in technology, and the expansion of digital infrastructure.

For investors, these asset types offer opportunities for diversification, although they often require more specialist knowledge and planning considerations.

A more targeted investment landscape

Overall, 2026 has been characterised by a more disciplined investment environment. Economic uncertainty and financing conditions have encouraged a shift towards careful asset selection and long-term value.

As the market moves into 2027, these themes are likely to continue shaping investment decisions across Scotland’s commercial property sector

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