Glasgow
Key stats
TOTAL TAKE-UP IN QUARTER (SQ FT)
-40% CHANGE ON LAST QUARTER
VACANCY RATE
+26BPS CHANGE ON LAST QUARTER
PRIME RENT PER SQ FT
0% QUARTERLY CHANGE
TAKE-UP (SQ FT)
Source: Avison Young
Following a strong start to the year, office demand dropped 40% over Q2 2025 to 166,800 sq ft, falling 29% below the 10-year average. Nevertheless, a strong Q1 ensured that take-up over the first half of 2025 reached its highest level since 2017 at 446,500 sq ft.
Demand in the out of town market was greater than average, outperforming what was a subdued quarter for the city centre. The largest deal of the quarter was seen out of town, where life sciences firm Chemify (a University of Glasgow start-up) let 40,000 sq ft at HIH Govan to establish their first major office site in Glasgow.
City centre vacancy rates rose slightly to 11.5%, the highest level in Glasgow since 2017. While this was partly due to the release of secondary space, the imminent speculative completion of Lucent, 50 Bothwell Street contributed to this increase.
City centre prime rents remained unchanged at £41.50 psf despite upwards rental pressure being recorded. Additionally, rent frees decreased from 21 to 18 months for a 10 year lease.
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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