Barclays financial hub increase commercial property marketing in Glasgow

Glasgow has been one of the success stories among regional cities in the past decade and continues to attract blue chip companies. Top of the list is Barclays and its creation of a global hub at the International Financial Services District for its Barclays Wealth and Barclays Capital, which will bring 600 new jobs.

The relocation has been helped by a government grant of £6.6 million under the Regional Selective Assistance programme. Gordon Matheson, leader of Glasgow City Council, said that Barclays’ decision to expand substantially its presence “is testament to the availability and quality of the people it has employed here over a number of years. It also underlines the city’s status as a major UK centre for financial services and shows how successfully Glasgow can compete for blue chip inward investment.”In fact, take up this year has been quiet with the third quarter at 12,816 sq.metres (137,960 sq.ft.) for Greater Glasgow with the majority of deals relatively small. But the final quarter will be different, said Mike Buchan of Jones Lang LaSalle. “We anticipate a strong final quarter with the city centre being in line with the 5 year average.”

An example of the strength of Glasgow is that Scottish & Southern Energy stepped in to buy the 5,574 sq.metres (60,000 sq.ft.) 1 Waterloo Street from the developer Stockland for £25 million at a time when the law firm Shepherd Wedderburn was on the point of leasing office space there. It now has to look elsewhere.

This is the second time in the year that an occupier has been forced out of a building it was negotiating to lease because of a sale. In the former case the National Farmers’ Union bought Clarion for its own occupation despite a large part of it being under offer of Maclay Murray Spens, the law firm.

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