Article by Stuart Low, Investment Partner at Ryden. 

In Scotland’s industrial investment market, resilience has become the new normal. Despite wider economic headwinds, the sector continues to outperform driven by strong occupier demand, limited supply and sustained investor appetite, offering robust opportunities across the country.

Vacancy levels tell the story. In the Central Belt they remain exceptionally low, with Greater Glasgow’s rates around 3.1% and Edinburgh’s prime small-box rents reaching record highs. Aberdeen’s industrial market remains the city’s top performing sector, supported by consistently strong take up levels. This scarcity gives landlords greater pricing power and encourages occupiers to act quickly. Refurbishment and bespoke pre let schemes are becoming increasingly common as businesses compete for limited space.

Investor confidence returns
Investor sentiment is improving, with industrial assets still viewed as one of the safest havens within the market. Although rental growth has eased from the 2022–2023 peaks, it remains positive, especially for well located, modern properties. Yields have stabilised and investors are focusing on long term income security rather than speculative gains.

At Ryden, we’ve seen this first hand through our advisory role on transactions totalling over £70 million in 2025. These include the £26 million acquisition of The Malt Portfolio, the £9.9 million purchase of Unit D1, Aberdeen Gateway, and three units at Clyde Gateway East in Glasgow for £10 million as well as a number of other sales such as Queen Anne Drive, Newbridge for circa £6.2m.

Supply Challenges and ESG Considerations
Development activity remains at its lowest level in over a decade, with high construction costs and planning delays restricting supply. Landlords are therefore prioritising refurbishment, enhancing eaves heights, yard layouts and energy capacity to meet modern operational needs.

Sustainability is also shaping decisions. Energy efficiency, carbon performance and ESG compliance are now key factors, even if their valuation impact remains uneven. Lenders now favour stabilised, income producing assets with solid covenants over speculative projects.

Looking ahead
The outlook for Scotland’s industrial property investment market is cautiously optimistic. Rental growth is expected to continue albeit at a slower pace, while refurbishment and sustainability upgrades remain key themes.

At Ryden, our main role is to help clients navigate these dynamics, balancing ambition with resilience. With our proven experience across all stages of the investment cycle, we’re positioned to ensure that investors, developers and occupiers are ready to capture the opportunities Scotland’s industrial sector is expected to deliver. Our market coverage and close collaboration between our Investment and Occupational teams set us apart from our
competitors ensuring we offer joined up, well informed, advice to our clients.

You can see all of the commercial property listed by Ryden on NovaLoca here.

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