Knight Frank highlighted retail as the most active asset class so far in 2025, with deals worth £452 million concluded. International investors accounted for 45.9% of the investment in the first three quarters, rising from 39.6% in the first half. It puts this group of investors on track to deal their highest share of Scottish commercial property investment since 2022. Private investors accounted for 27.7% of deals the first nine months, while institutions and real estate investment trusts (REITs) and listed property companies were responsible for 13.3% and 11.3% respectively. At the same time, the deep buyer pool for Scottish commercial property has provided support in what is in many ways a challenging market.