Glasgow
Take-up
TOTAL TAKE-UP IN QUARTER (SQ FT)
CHANGE ON LAST QUARTER
CHANGE ON 10 YR QUARTERLY AVG
TAKE-UP (SQ FT)
Source: Avison Young
Take-up in Q2 totalled 195,149 sq ft, 7% below last quarter and 8% below the 10-year quarterly average.
Take-up was comparatively stronger in the out-of-town market at 7% below the 10-year average, whereas city centre take-up was 21% below.
Key deals included:
- Boutique Workspace’s 21,538 sq ft lease at 9 George Square;
- STAC’s letting of 19,463 sq ft at Skypark 1, Elliot Street;
- Skyscanner’s letting of 13,695 sq ft at 1 West Regent Street
The past 12 months have seen demand from a variety of sectors, including manufacturing and industry, financial and professional services, which together accounted for 66% of take-up.
Glasgow’s prime rent remains unchanged from last quarter at £39.50 per sq ft, 10% up on last year.
NOTABLE DEALS
Source: Avison Young
PRIME RENT
Per sq ft
Quarterly Change
Source: Avison Young
12 Month Change
Rent free months (10-year lease)
TAKE-UP BY SECTOR
Source: Avison Young
ANNUAL TAKE-UP (SQ FT)
Source: Avison Young
Availability
AVAILABILITY RATE
CHANGE ON LAST QUARTER
CHANGE ON LAST YEAR
AVAILABILITY (SQ FT)
Source: CoStar, Avison Young
City centre availability decreased by 62 basis points to 10.1% on a quarter-on-quarter comparison, and 40 basis points below last year. Premium quality space remains undersupplied, with the grade A availability rate at 2.3%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
173,792 sq ft of refurbished office space is now set to be delivered in Q4 2024 at Aurora, 120 Bothwell Street where PwC, Cubowork, Arcadis and News UK have recently signed up, taking the building to almost 50% let. The refurbishment of Lucent, 50 Bothwell Street, is now expected to complete in Q2 2025, with 45,138 sq ft of speculative space remaining available. A total of 446,269 sq ft speculative space is due to come to market over the next three years.
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