Scotland has been off-limits for more than a few investors throughout the past decade.

Reasons often cited for shunning the region include risks associated with the country becoming independent, the makeup and performance of its occupier markets, and concerns over the depth of investor demand. While these are legitimate worries, they are not necessarily borne out by current data.

Firstly, the likelihood of independence is receding. The Scottish National Party (SNP), a key proponent of the independence movement, lost half a million votes and 36 seats in the 2024 UK general election. The SNP has since put the issue of independence to one side, for now at least, and polls show falling support for breaking up with the United Kingdom. The turning of the political tide is bringing some investors, such as Swiss Life, back to the table. In September 2024, the global institution bought Belgrave Logistics Park for £40 million (€48 million), or a 5.5 percent yield.

Seco