2011 predictions for Glasgow office market
The Glasgow office property market finished 2010 on a high but what does this year have in store?
Recent research by property consultants has assessed the state of the commercial property market in Glasgow and take up figures suggest that the city is having something of a boom time.
Take up in the centre of Scotland’s biggest city finished on a high for the year with 2010 seeing an increase that was 5 per cent higher than the average for the past ten years. The recession caused conditions to be difficult for a number of office markets with many companies considering an office move choosing to sit tight but Glasgow has managed to climb out of the recession dip and is seeing stimulation return to the commercial real estate market.
A few major deals from the 59,000 sq ft One Waterloo Street to the 75,000 sq ft Clarion Building gave a considerable boost to the take up figures and showed that tenants moving office are still keen to make Glasgow their city of choice. As for Grade B office space, that too saw a healthy end quarter to the year and contributed to a total of 65 transactions made in the city centre of Glasgow. However, development is expected to slow so if you are considering an office move to Glasgow in the future and looking for brand spanking new office space, start discussions with a commercial property agent now.
Glasgow property expert Bill Colville said: “With the development pipeline at a standstill, it is also unlikely that there will be any new build Grade A space offered to the market for two to three years.” However, the outlook for Glasgow office space in 2011 is “cautious optimism” with Grade B refurbishments set to attract a lot of interest.
Use our Glasgow Office Relocation Checklist and our Glasgow moving office guides to help plan your office move to Glasgow.
