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 Q4 totalled 243,246 sq ft, 14% above last quarter and in line with the 10-year quarterly average. Year-to-date figures reached 862,000 sq ft, 22% ahead 2023 but below the 10-year annual average of 962,000 sq ft.
3 deals in excess of 50,000 sq ft provided a boost to 2024 take-up levels, in comparison to none seen in 2023.
Key Q4 deals included:
- SE’s 62,000 sq ft lease at Aurora, 120 Bothwell Street;
- Q Metric’s letting of 22,000 sq ft at Maxim 10;
- NSPCC’s letting of 11,400 sq ft at 144 Elliot Street.
The Professional Services sector accounted for the largest share of take-up last year, accounting for a 21%. Financial Services and Manufacturing & Industry account for a 13% share each.
Glasgow’s prime rent remains unchanged from 12 months ago at £39.50 per sq ft. Rent free incentives remain, on average, at 12 months on a 10-year lease.
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 marginally to 10.2% in Q4 from 10.3% in Q3. Premium quality space remains undersupplied, with the grade A availability rate at 2.2%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
Just one scheme of 174,000 sq ft completed in 2024 at 120 Bothwell Street. Two schemes, both refurbishments, are currently underway at Lucent, 50 Bothwell Street (87,000 sq ft) which is due for completion in Q2 2025 and Meridian Court, 5 Cadogan Street (73,000 sq ft), due for completion in summer this year.
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