Market snapshot

Office Market Pulse Glasgow Q4 2012

The Glasgow city centre office market witnessed a slight increase in take-up during Q4 2012, however remains around 50% lower than the first two quarters. 

In this issue:

Grade B / sub-5,000 sq ft market remains bouyant

Office take-up across the Grade B / sub-5,000 sq ft market has seen a further increase, accounting for 44% of the total take-up in Q4 (37% performance overall in 2012). Occupiers are using lease events to downsize and relocate, with landlords of this type of space now beginning to concentrate on value for money. 

Total take-up for the quarter reached 68,482 sq ft, which is a slight increase on both Q3 figures and that for Q4 2011. However, it is almost 50% less than the first two quarters of the year.

For a detailed breakdown of city centre take-up, please click here.

Significant occupational transactions in Q4 2012

Property   Size Landlord(s)  Tenant / Purchaser 
George House, George Square 14,931 sq ft Redevco Speirs & Jeffrey
Capella, York Street 10,908 sq ft BA Pension Fund Capquest
5th Floor, 150 St. Vincent Street 10,327 sq ft F&C REIT Irwin Mitchell

Rental levels vary

Rental levels in the sub-5,000 sq ft bracket vary significantly, from £10.00 to £18.00 per sq ft depending on the quality of the building and location. 

In terms of Grade A, the recent letting at Capella achieved a rental of £26.00 per sq ft; the top end of Grade A rentals which range from £21.50 to £28.00 per sq ft.  At these levels, it is understood substantial incentives will be available as some landlords remain intent on maintaining heading rents.

Want more information about this Snapshot?

Aasia Mohammad

0141 226 6786

Email me

Regions

Contact us now

Aasia Mohammad
Associate Director - Business Space

0141 226 6786

How can we help?

Submit