Financial Business District Enhances Business Friendly Glasgow

For a number of years Glasgow has proved to be one of the best business locations in the UK which has underpinned a strong office market. The virtues of the city have been displayed again in the first half year with the doubling of take up. This performance is no accident and owes a great deal to the encouragement given to businesses to locate in the city and the readiness of developers, notably at the International Financial Services District (IFSD) to provide the suitable Grade A space.

Figures from Jones Lang LaSalle show that the first half saw large lettings of Grade A offices to blue chip companies which has brought a 14% reduction in availability in the second quarter of the year. JLL’s Mike Buchan said: “It is very positive for Glasgow, as the city continues to perform well in a difficult economic climate. It is very pleasing to see high quality occupiers committing their future to the city and see a large amount of stock absorbed. We expect to see further Grade A lettings throughout the year as there remains a number of unsatisfied requirements.” Audrey Dobson of CB Richard Ellis commented: “Take up during the first six months was polarised with significant activity at the smaller end of the market fuelled by new start ups.

Occupier demand was also healthy at the larger end, particularly among the professional sector.” There is no doubt about the boost to confidence and the widespread view among property professionals that the performance in the first half has long term implications. David Smith of Lambert Smith Hampton said: “The level of uptake of Grade A offices, coupled with the impending lack of new supply and the continuing high interest from investors in acquiring these properties are all a strong signal to banks and fund managers who will, hopefully, now loosen the purse strings to finance the next wave of new development that will help Glasgow maintain its position as one of the UK’s most successful inward investment locations.”

The Scotland Commercial Property Register

The Scotland Commercial Property Register for Sctoland is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Offices Space, Serviced Offices and Commercial Property in Scotland . You can also find the latest commercial property news for Scotland.