Positive outlook for Glasgow office market

Positive outlook for Glasgow office market

Glasgow’s commercial property market saw take-up decrease during the third quarter but the overall outlook for 2016 remains positive, according to JLL.

Office take-up in Glasgow City Centre was 97,085 sq ft, down 42% from 166,914 sq ft in the second quarter, according to new research by JLL.

Across Greater Glasgow and the west of Scotland, take-up was 137,919 sq ft. In total, there were 51 deals completed with 26 of those for properties in the City Centre.

Alistair Reid, director, JLL, said: "2016 continues to be a strong year for Glasgow’s office market with total take-up exceeding the five-year average with three months of activity still to come.

"One of the major trends this year has been limited availability of Grade A stock which in turn has seen real competition for refurbished Grade B accommodation.

"We expect to see office stock continue to reduce, providing more favourable market conditions for landlords. We are unlikely to see commencement of a new office development until well into 2017."

The largest deal of the quarter saw Edrington Group let 29,890 sq ft at 100 Queen Street. Other major deals included CGI taking 9,374 sq ft at the Inovo Building and Search Consultancy Ltd taking 9,116 sq ft at Atrium Court.