36 . Glasgow Business February 2015
New 110 Queen Street office development > > Continued from page 35 More widely, take-up across
Greater Glasgow and the West of Scotland totalled 288,000 sq ſt and comprised 51 deals, 34 of which were for properties in the city centre. Te research showed that transactions in the months from January to September in 2014 were up 40 per cent on the same period in 2013, with a total 462,000 sq ſt taken up. Alistair Reid, Director for JLL
in Glasgow, said: “As predicted, we have seen a significant spike in take-up during the third quarter of the year, with the average size of floor space transacted up by 83 per cent compared to the previous quarter.” He added that supply has been
consistently decreasing over the past year, with an overall vacancy rate of 10.2 per cent and new build Grade A vacancy positioned at 1.5 per cent. Tat figure is expected to continue to tighten until several new developments are launched in mid-2015, bringing additional office space to the market.
something that was learned from an over-reliance on heavy industry in the generation before. A report published in mid-2013 showed around £6 billion of development activity taking place in Glasgow over an 18-month period.” Cameron indicated that there
is considerable private sector confidence in Glasgow, a view she maintained is backed up by three new Grade A speculative office developments currently under way in the city centre – at 110 Queen Street, St Vincent Plaza and 1 West Regent Street. Tese will create an additional 456,000 sq ſt of new high-spec office space. She also highlighted major
Reid pointed out that Glasgow
continues to be an atractive proposition for a wide range of businesses, and has benefited from the atention that came with the 2014 Commonwealth Games.
Wider context
According to Bailie Liz Cameron, Executive member for Economic Development at Glasgow City
Council, the recent growth in demand can be set in a wider context. She said: “Glasgow’s success
over the past 20 years has been built on public and private investment in a number of sectors to deliver a diversity that has allowed us to perform relatively well during the economic problems of the last five years,
infrastructure projects, including the £1 billion South Glasgow Hospitals Campus, which is the largest of its kind in Europe, the International Technology and Renewable Energy Zone for Scotland and the new Iberdrola ScotishPower headquarters, both of which are in the city centre.
Continued on page 38> >
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60