Dundee is the best-placed city in Scotland to capitalise on the offshore wind energy boom, it has been claimed.
Andy Boal, associate with commercial property company Ryden, said increased investment in renewable energy and plans to open a branch of the V&A could transform Dundee completely.
Mr Boal was speaking after the publication of Ryden’s April property review, which records activity in the commercial property sector.
Although the report reveals Scotland’s economy is largely stagnant, Mr Boal said there are strong grounds for optimism about Dundee’s future economic health.
“I feel Dundee is on the brink of some hopefully quite exciting times, particularly in terms of renewables,” Mr Boal said. “That is something for the future but we will start to see things happen over the next 12 to 18 months and 2014 is going to be a big year when we see the renewables sector take off and the V&A.
“Dundee has, for a long time, been Scotland’s forgotten city and I think the V&A is going to be a big catalyst for changing people’s views. It will make them notice that Dundee is worth coming to and setting up a business in.”
Ryden’s report warns “the foundations of Scotland’s economic recovery are not yet solid,” it also notes that the industrial market in Dundee is continuing to experience difficult conditions, and that the stock of existing premises continues to outstrip demand.
However, it also notes that activity could pick up over the next six months.
It states, “Any nascent recovery in the Dundee industrial property market may receive a significant boost from the expanding renewable energy sector.”
It adds that Dundee’s most active commercial property sector is for medium-sized open plan offices and that rents are holding up at around £150 per square metre.
However, Mr Boal said banks must start lending to businesses if the economic recovery is to continue.
Photo by Flickr user phault.