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 Q3 totalled 214,176 sq ft, 10% above last quarter and 21% below the 10-year quarterly average. While the year-to-date figure is still below pre-pandemic averages, take-up in Q3 this year is higher than the 2022 and 2023 equivalent figures.
Take-up was comparatively stronger in the out-of-town market at 47% above the 10-year average, whereas city centre take-up was 50% below.
Key deals included:
- Clyde & Co LLP’s 18,548 sq ft lease at 110 Queen Street;
- Capita’s letting of 16,374 sq ft at Skypark 1
- Aviva’s 14,636 sq ft lease at Maxim 8.
The past 12 months have seen demand from a variety of sectors, including Professional Services, Financial Services and Manufacturing and Industry which together accounted for 68% of take-up.
Glasgow’s prime rent remains unchanged from last quarter at £39.50 per sq ft.
NOTABLE DEALS
Source: Avison Young
PRIME RENT
Per sq ft
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 increased by 15 basis points to 10.3% on a quarter-on-quarter comparison, and 37 basis points below last year. Premium quality space remains undersupplied, with the grade A availability rate at 2.6%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
The refurbishment of Aurora, 120 Bothwell Street completed during the quarter and there is a strong interest in a significant amount of space which, when signed, will bring the building to around 70% occupancy. The refurbishment of Lucent at 50 Bothwell Street has been delayed and is not anticipated to be completed in Q2 2025 with the refurbishment of Meridian Court at 5 Cadogan Street also expected to complete in Q2 2025.
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