2016 is shaping up to be a record year for Glasgow’s office market according to a new report from Cushman & Wakefield, Glasgow Office Market, Core CBD Area.
The property agency predicts that take up for the year could reach around 600,000 sq ft as companies clamour for the best office space in the city after a busy start to the year.
Latest figures reveal that over 312,288 sq ft of office space was let in the first three months of this year – the single biggest figure for Q1 since the company’s records started.
Major high profile lettings included Morgan Stanley’s pre-let of 154,814 sq ft at 122 Waterloo Street, and Registers of Scotland taking 17,249 sq ft at St Vincent Plaza.
It was also announced recently that 55,750 sq ft of space is being taken by global accountancy body The Association of Chartered Certified Accountants (ACCA) at BAM Properties CONNECT110NS development at 110 Queen Street, Glasgow.
Andy Cunningham, Head of Business Space Agency at Cushman & Wakefield in Glasgow said: “The market really started to bounce back in Q4 of 2015 when, after what felt like an extended summer slowdown, a number of occupiers moved quickly to secure the best available space.
“Our big concern going forward is a lack of new premium office accommodation, with the office space at CONNECT110NS now fully let there are really only two other new buildings in the market, St Vincent Plaza and 1 West Regent Street, with some of that space already under offer.