Morrison Development Partnerships 31st May 2001 MORRISON CELEBRATES AS ABERDEEN OFFICE SECTOR ENJOYS GROWTH Aberdeen Office Market Growing Compared to Edinburgh and Glasgow Morrison Developments celebrated the completion of the external structure at its prestigious ?0 million office development at Riverside Drive, Aberdeen today, (31st May) as the city疄 office market witnesses its second consecutive year of growth. In the last two years the Aberdeen office take-up rate has risen compared with Edinburgh and Glasgow, which have seen a decline over the same period.* To mark the occasion, Councillor Allan McIntosh(MIDDLE), accompanied by Morrison Development Manager, Martin Smith(LEFT) and Simon Harding(RIGHT), Chief Executive of Gainsborough Group plc, climbed seventy feet to put the final finish on the roof eaves of the first tower in a 褮opping-out?ceremony. Morrison is now on course to complete one of the only speculative major office developments in Aberdeen for nearly 15 years. Morrison疄 4,645 sq m (50,000 sq ft) development is set to deliver a high quality, state of the art office premises, currently unavailable in the city. Morrison疄 decision to go ahead with this speculative build is paying off as the North Sea oil industry experiences an upturn and is confident that demand for new office space will continue to rise. Take-up of floor space over the last six months is still 35% higher over the same period last year, totalling 21,832 sq m (235,000 sq ft). Martin Smith, Development Manager at Morrison Developments is confident there is a ready market: 鞙here is a huge shortage of premium quality office accommodation, particularly in prime locations within the city. With an estimated 25,000 jobs being created, following the oil industry疄 new investment, demand for high grade offices from oil companies and the service sector which supports it, is likely to grow.?More? Page 2/Morrison Celebrates As Aberdeen Office Market