10 . Glasgow Business October 2015
Tourism survey Property
Demand for office space on the rise
The demand for office space in Glasgow continued to rise in the second quarter of 2015, according to research by JLL. Office take-up in the city
centre was 97,140 square feet and across the west of Scotland was 193,579 square feet. Although total take-up
in the city centre decreased by about 30 per cent on the previous quarter, it marked a 45 per cent increase on Q2 in 2014. In total, there were 54 deals completed, with 25 of those for properties in the city centre. Alistair Reid, Director at JLL, said: “The first half of 2015 has been a strong one for the Glasgow office market, with high levels of demand. “Despite a drop in take-up
this quarter compared to the first three months of the year, our research shows take-up significantly above the same period in 2014. “We have also seen supply
increase this quarter, with the major new-build Grade A office developments at 110 Queen Street, 1 West Regent Street and St Vincent Plaza all coming on to the market. There has been strong interest around these developments over the past three successive quarters and we expect that trend to continue, with immediate supply of Grade A space currently at 612,800 square feet.” JLL was involved in the
largest city centre transaction, which saw Teleperformance acquire 27,522 square feet at Cuprum in Cadogan Square. Other major deals during Q2 included Arup pre-letting 13,603 square feet at 1 West Regent Street, and Arthur J Gallagher UK leasing 9,440 square feet at the Spectrum building.
City is now the fifth most visited in UK
»Tourism rise boosted Glasgow economy in 2014
Half of visitors to Glasgow in
2014 were here on holiday
T
ourism visits to Glasgow rose by 37 per cent last year, leading to a significant boost in
tourist spending, according to figures from the Office of National Statistics (ONS) and the Great Britain Tourism Survey. High-profile events including
the Commonwealth Games, BBC1’s Big Weekend and the MTV European Music Awards, together with a number of major global conferences helped atract more than 2.7 million international and domestic tourists to the city in 2014. Visitors spent £687 million in
2014, a rise of 39 per cent from the £495 million figure the previous
year. Te ONS figures, which are taken from the International Passenger Survey 2014, have also shown that international tourists made 622,000 trips to Glasgow in 2014, an increase of 21 per cent on 2013, spending £245 million (+32 per cent). Te majority of international
tourists to Glasgow last year travelled from Europe (59 per cent) and North America (22 per cent). European tourists spent
£93 million, with North American visitors contributing £51 million. Some 19 per cent of international visitors to Glasgow were from countries out with Europe and North America, including China,
India and Australia, spending £100 million. Te research also found that
international tourists stayed 3,268,000 nights, averaging five nights per trip. Te majority of international
tourists to Glasgow cited holidaying (50 per cent) as the reason for their trip, while more than a quarter visited friends and relatives (28 per cent), with 18 per cent being business travellers. Tese statistics mean Glasgow
has overtaken Liverpool as the fiſth most-visited UK city by international tourists and ranks ahead of Oxford, Bristol, Cambridge, Leeds, York, Cardiff and Newcastle.
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