| scottish news SPACE RACE IS ON FOR GLASGOW 2
016 is shaping up to be a record year for Glasgow’s office market according
to a recent report from Cushman & Wakefield, Glasgow Office Market, Core CBD Area.
The property agency predicts that
take up for the year could reach around 600,000 sq.ft as companies clamour for the best office space in the city after a busy start to the year.
55,750 sq.ft of space is being taken by global accountancy body The Association of Chartered Certified Accountants (ACCA) at BAM Properties CONNECT110NS development at 110 Queen Street, Glasgow. Andy Cunningham, Head of Business
Space Agency at Cushman & Wakefield in Glasgow said: “Our big concern going forward is a lack of new premium office accommodation, with the office space at CONNECT110NS now fully let there are really only two other new buildings in the market, St Vincent Plaza and 1 West Regent Street, with some of that space already under offer. “Whilst planning permission has been
Latest figures reveal that over 312,288 sq.ft of office space was let in the first three months of this year – the single biggest figure for Q1 since the company’s records started.
Major high profile lettings included Morgan Stanley’s pre-let of 154,814 sq.ft at 122 Waterloo Street, and Registers of Scotland taking 17,249 sq.ft at St Vincent Plaza.
It was also announced recently that
secured for four major new office buildings – Atlantic Square, New Exchange, Broadway Central and 177 Bothwell Street, none of these are currently under construction.” With no new developments capable of
completion before 2019, available Grade A office space for 2017 and 2018 could be less than 100,000 sq.ft. If demand continues at its current
rate prime rents for Grade A accommodation could conceivably rise from their current £29.50 per sq.ft to over £30 per sq.ft says Cunningham.
ational commercial property company Lambert Smith Hampton (LSH) has helped secure two significant new deals at Pacific House in Glasgow’s Central Business and International Finance District. Big Lottery Fund (BLF), which awards grants to UK organisations to help improve their communities, has taken 12,500 sq.ft on the second floor and part of the third floor at the building on the corner of Wellington Street and Cadogan Street. BLF is relocating from Atlantic Quay and has agreed a 5-year lease at £16.50psf. Law firm Levy & McRae has also opted for office space at Pacific House, agreeing a 5-year lease for 7,000 sq.ft on the sixth floor at £17.50psf.
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On top of the new deals, two regears have been brokered at Pacific House. Commercial Property and Real Estate advisers CBRE has agreed a 5-year regear on its Ground and First Floor leases and has also taken a new lease on half of the 4th floor.
Similarly, Ernst & Young has agreed a 5- year regear on 4,000sq.ft of office space at the building.
Ryden are joint agents for the landlord.
Pollock Property Advisors acted for Levy Mcrae and Cushman represented Big Lottery Fund.
PACIFIC HOUSE
20
COMMERCIAL PROPERTY MONTHLY 2016
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