Commercial property

Record quarter for Glasgow office deals



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Office deals in Glasgow’s commercial property market reached a record level in Q3 2018, according to the latest research by JLL.

The data found that total take-up across the city centre reached 614,466 sq ft between July and September.

This was spread across 31 deals, including Barclays’ pre-let of 470,000 sq ft at Buchanan Wharf – the largest deal of the year in the city to date.

Total take-up for the year to date is now 1,192,689 sq ft, compared with a total of 627,313 sq ft for 2017.

The research also found that vacancy rates in the city had decreased from 6.92% in Q2 to 6.89% in Q3.

Alistair Reid, director at JLL, said: "With total take-up already exceeding 1 million sq ft, we anticipate that 2018 will be the best year for office take-up in Glasgow in recorded history.

“While the landmark Barclays deal has been a major contributing factor to Glasgow's bumper Q3, it should not obscure the strong performance of the city's office market during the course of the year.

“From larger corporates and government departments to SMEs and fintech firms, requirements and new enquiries for city-centre space remain strong.

“It's inevitable that this demand will continue to impact supply, but with three new speculative developments in the offing, there is at least a pipeline of new-build supply further down the line."

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