22 . Glasgow Business February 2016
GLASGOW
A GROWTH STORY FOR 2016...
I
An impressive list of developments and investments are revealed In one of the first of the developments to
n a year that has already seen some particularly strong statements about the economic headwinds facing us, Stuart Patrick is resolutely upbeat about the
prospects for the Glasgow City Region. While there are challenges because of the
continuing low oil prices and public sector cuts, the Chief Executive of Glasgow Chamber of Commerce believes that many of the assets and strengths of the city economy are regularly underplayed. Stuart said: “Glasgow has reached a very
different level from where it was 20 years ago. Its asset base is strong and there are a lot of developments and investments which we will see start to come to fruition in 2016.” For those who may doubt this assessment,
Stuart replies with an impressive list of developments and investments that are planned and will be delivered in the city in the next few months.
emerge it has been announced that there is to be a Glasgow city centre incubator at Glasgow Cross. Te new centre, that is inspired by Google offices, in the Tontine Building, is expected to inject £53 million into the local economy over the next five years. Te £1.67 million project, to be funded
under the City Deal, will provide high-tech space for up to 300 entrepreneurs. ScotishPower is moving to its new
headquarters and Clydesdale Bank’s re-emergence as a standalone business will give the city a new PLC HQ. Tere are major developments in the
further and higher education sectors with the City of Glasgow College launching its Cathedral Street campus and the University of Glasgow taking the next step in the expansion of its campus (see panel on page 25). Tere are also expected to be significant
announcements about new Grade ‘A’ office space in the next few months. Tis will follow a highly successful year for
the take-up of Grade ‘A’ office space in the city centre in 2015, according to figures from JLL. Te figures showed that 570,905 square
feet was transacted in Glasgow city centre last year - 15% above the five-year average. Grade ‘A’ space made up 314,256 square feet of that, representing a 90% increase on 164,773 square feet in 2014. Alastair Reid, Director for JLL in Glasgow,
said: “For the Glasgow office market, 2015 was yet another strong year with a number of key positives. Te addition of 1 West Regent Street, 110 Queen Street and St Vincent Plaza helped to drive letings of Grade ‘A’ space, with a number of deals at these addresses being finalised in the last quarter of the year. “Several high-profile companies took substantial space in the city, signifying the
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