Glasgow
Key stats
TOTAL TAKE-UP IN QUARTER (SQ FT)
+9% CHANGE ON LAST QUARTER
VACANCY RATE
+109BPS CHANGE ON LAST QUARTER
PRIME RENT PER SQ FT
5% QUARTERLY GROWTH
TAKE-UP (SQ FT)
Source: Avison Young
Glasgow take-up increased for the third consecutive quarter in Q1 2025 reaching 279,699 sq ft, up 9% on Q4 2024 and 19% up on the 10-year quarterly average.
Pinset Masons 32,000 sq ft letting at Aurora, Bothwell Street contributed to the Professional sector taking the largest share of take-up, accounting for 16% of Q1 demand. The Manufacturing & Services sector accounted for 13%, followed by the Financial Services sector taking 11%.
Following the trend seen nationally, the vacancy rate increase by 109 bps to 11.2%. We estimate Grade A vacancy stands at 1.6%, down from 2.2% the previous quarter.
Dwindling Grade A stock has placed upward pressure on city centre prime rents which saw q-o-q growth of 5.1% to £41.50 per sq ft in Q1. Rent frees remain at 21 months on a 10 year lease. Out of town rents remain at £17.50 per sq ft.
NOTABLE DEALS
Source: Avison Young
TAKE-UP BY SECTOR
Source: Avison Young
ANNUAL TAKE-UP (SQ FT)
Source: Avison Young
AVAILABILITY (SQ FT)
Source: CoStar, Avison Young
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA, Glenigan
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