Edinburgh has been named as the most attractive location for commercial property investment in the UK outside London, according to a fresh study.

Research among British property investors by the law firm Morton Fraser found that the Scottish capital topped a list of ten cities across the UK when investors were asked to rank them on their attractiveness as a place to invest in commercial property.

The study revealed that Edinburgh was ranked as the most attractive destination to invest with 52% of investors, followed by Bristol with a net score of +21 and Manchester third on +4.

“The three ‘net positive’ cities in our league table have demonstrated real economic resilience since the recession. Their success in protecting inward investment, attracting business and talent, and developing infrastructure means property investors can more easily envisage long-term gains,” said David Stewart, commercial real estate partner at Morton Fraser,.

Leeds and Cardiff both ranked relatively highly, while Glasgow, Birmingham, Newcastle and Dundee did not appeal to most property investors, with more rating them as an unattractive place to invest in commercial property.

But it was Aberdeen that rated the least attractive location for property investors in the wake of falling oil prices and the contraction of the oil and gas industry.

According to Morton Fraser, the main appeal of commercial properties in regional areas is the higher yields and longer tenant leases on offer, helping to improve income security. However, those benefits are “outweighed by perceived economic risks” in most regional cities by potential investors, according to Stewart.

He added: “Demand for equity stakes in commercial property vehicles has increased in recent years as investors seek value and flexibility in the asset class. City region devolution will play a key role in ensuring investors see regional locations as positive income generating opportunities.

“That said, experience shows that a good property investment can withstand economic fluctuations and the right opportunities can be found in all these locations.”