Stellar start for Glasgow property

Stellar start for Glasgow property

Glasgow’s property market got off to an impressive start in the first quarter of 2016 with total take-up dwarfing the same period last year.

The total take-up of property in the city centre was 288,987 sq ft compared with 142,358 sq ft in 2015, representing an impressive increase of 103%.

Take-up also increased by 37% on the previous quarter (Oct-Dec 2015), where city centre take-up was 211,649 sq ft. Across the Greater Glasgow area, take-up was recorded at 350,871 sq ft.

Alistair Reid, director for JLL in Glasgow, said: “This has been a very strong start to the year, with the market surging ahead of the five-year quarterly average of 121,000 sq ft.

“With further lettings at Grade A buildings causing supply to noticeably decrease, we expect to see refurbished Grade B stock continue to return to the market.

“With those supply issues, occupiers looking to move on will have to think twice about their relocation strategy in order to not be disappointed.”

In total, there were 58 deals completed during the quarter with 31 of those for properties in the city centre.

The largest deal saw Morgan Stanley pre-let 154,814 sq ft at Bothwell Exchange – the biggest deal in the city since Scottish Power pre-let 220 St Vincent Street in 2013.