Scottish News
Glasgow city centre office market’s strong year shows no sign of halting in third quarter of 2018
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BRE Scotland shows the Glasgow city centre office market has continued its strong year in 2018 into the third quarter with a further 140,962 sq ft of office space transactions, bringing the total take-up for the first three quarters of the year to 734,863 sq ft - 30% above the ten year annual average of 564,000 sq ft.
The take-up for Q3 also represents a 121% increase when compared against the same period in 2017 (63,608 sq ft), representing the strength of the Glasgow city centre office market at present. Furthermore, this quarter produced another 50,000 sq ft plus transaction with HMRC taking 60,000 sq ft at 123 St Vincent Street. This brings the total number of transactions in 2018 amassing over 50,000 sq ft to four whilst there were three during 2017.
Although Glasgow’s city centre market performance was exceptionally strong, the Glasgow periphery and out of town office sectors have also experienced
positive results, with 504,766 sq ft and 121,175 sq ft of take-up respectively.
The Buchanan Wharf/Barclays deal accounted for 470,000 sq ft of the Glasgow periphery figure, showing there is demand and appetite for space outside of the traditional city centre market. Furthermore, global customer experience contractor Sitel (UK) took 60,000 sq ft at Maxim Office Park, with CBRE acting for the landlord, representing the largest out of town deal this year.
Commenting on the figures, Alistair Urquhart, associate director in the Advisory and Transaction Services team, said: “The Glasgow office market’s strong year shows no sign of halting as it entered the third quarter of 2018, becoming a leading performer in terms of office take-up for any major UK city outside London. If take-up in the final quarter of the year continues with this trend, Glasgow could be on course for a record breaking year.”
Ambitious plans revealed for McLellan Works – an exciting new creative space for Glasgow businesses
The development is being led by new owner, Bywater Properties and due forcompletion in Autumn 2019.
The building has 3,200 square metres (34,440 square feet) of mixed co- working and SME office space over the upper three storeys. The ground floor commercial space has 871 square metres (9,366 square feet) of retail and commercial space.
A focal point will be the central entrance with an artisan café and meeting spaces providing access to the building.
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McLellan Works will continue to serve as the entrance for the McLellan Galleries, which stands immediately behind the building and is currently occupied by the Glasgow School of Art.
ne of Glasgow’s most elegant and attractive buildings, situated at the heart of the city’s famous Sauchiehall Street, is set to be transformed into a prime SME and co-working space. McLellan Works will become home to ambitious and creative SME businesses and incorporate a curated mix of outstanding local retail, food and café operators and is proposed to open in Autumn 2019.
COMMERCIAL PROPERTY MONTHLY 2018
Theo Michell, Principal at Bywater Properties, said:
“This is a beautiful but currently neglected building at the heart of one of Glasgow’s most popular and loved streets. We’re very proud of our plans to breathe new life into a landmark building in such a fantastic location”.
Osborne and Co submit plans for major Glasgow development
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he regeneration of a key arterial site in Glasgow city centre has
taken a significant step forward with the submission of a detailed planning application for a 283,000 sq ft Grade A office development by Osborne and Co.
The £95m investment by Osborne will deliver the first major activity on this prime site in the International Financial Services District (IFSD) in more than twenty years.
The planning application has been submitted by Osborne and Co - the new global delivery vehicle for property developed by Vanguard Real Estate - after a variety of economic and historic environment studies on the site led by Cooper Cromar, an award-winning architectural practice.
Osborne’s occupier-focused approach to design and construction puts tenant needs at the heart of the development to deliver world-class modern workspace.
Last month, it was picked as Santander’s development partner to deliver the bank’s new UK technology hub in Milton Keynes.
The Argyle Street development will be able to accommodate up to 4,000 people, revitalising a key site on a vital artery for the city.
Will Hean, Development Director (Scotland), Osborne and Co, said: “We want to deliver an office building that will add value for the city of Glasgow: providing the business community with a quality environment to thrive, a quality product to attract global occupiers and a quality regeneration of a large swath of the IFSD.”
The Argyle Street site, formerly the location of the proposed 25 storey Jumeirah Hotel, is located on the south side of Argyle Street and bounded by Robertson Street and York Street, it offers excellent links to the M8 and M77 motorways and is a short walk from Glasgow Central station
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