New research from JLL has revealed that office take-up in Glasgow city centre increased by nearly half in Q2 2015 compared to the same period in 2014.
The findings show that city centre office take-up was 97,140 sq ft, while in Greater Glasgow and the West of Scotland it was 193,579 sq ft.
While total city centre take-up fell by around 30 per cent on the previous quarter, it represented a 45 per cent increase on the second quarter of 2014. In total there were 54 deals completed in the period, with 25 of these being in the city centre.
Director of JLL, Alistair Reid, commented on the positive results, saying: “The first half of 2015 has been a strong one for the Glasgow office market, with high levels of demand.
“We have also seen supply increase this quarter, with the major new build Grade A office developments at 110 Queen Street, 1 West Regent Street and St Vincent Plaza all coming onto the market.
“There has been strong interest around these developments over the past three successive quarters and we expect that trend to continue, with immediate supply of Grade A space currently at 612,800 sq ft.”
JLL was involved in a number of deals, including the largest city centre transaction that saw Teleperformance Ltd acquire 27,522 sq ft at Cuprum in Cadogan Square, and the largest out of town and peripheral transaction, which saw Northern Marine Ltd purchase 14,060 sq ft of space in Clyde Bank.
The Glasgow city centre headline rent currently stands at £29.50 per sq ft, but is expected to rise in the second half of 2015.
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