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Demand for commercial office space in Glasgow has risen sharply in the months from July to September
Glasgow, 15 October 2014 – Demand for commercial office space in Glasgow has risen sharply in the months from July to September, according to new research from JLL.
220,000 sq. ft of office space was transacted in the city centre in the third quarter of the year – more than double that of the previous three months.
Take-up across Greater Glasgow and the West of Scotland totalled 288,000 sq. ft. and comprised 51 deals, 34 of which were for properties in the city centre.
Transactions to date in 2014 are up 40% on the same period in 2013, with a total 462,000 sq. ft. take-up in the months from January to September.
Alistair Reid, Director for JLL in Glasgow, said: “As predicted, we have seen a significant spike in take-up during the third quarter of the year, with the average size of floor space transacted up by 83% compared to the previous quarter.
“Supply has been consistently decreasing over the past year, with an overall vacancy rate of 10.2% and new build Grade A vacancy is positioned at 1.5%. That figure is expected to continue to tighten until speculative developments come to the market in mid-2015, bringing approximately 418,000 sq. ft. of available office space to the market.
“Glasgow continues to be an attractive proposition for a wide range of businesses, and has benefitted hugely from the attention that came with the Commonwealth Games this summer. We now expect a knock-on effect in terms of enquiries and anticipate a strong finish in the final quarter of the year, with a number of deals due to complete before the year end.”
JLL acquired the largest commercial property transaction of the third quarter of the year in Glasgow at 151- 155 St. Vincent Street for Network Rail. The firm was involved in three of the top four deals this quarter, including two transactions for Network Rail and another for JP Morgan.
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