Glasgow had successful 2010 says commercial office report
Glasgow commercial property had a successful 2010 according to a DTZ report.
Glasgow’s commercial property had a successful 2010 following an end of year high in terms of firms moving into office space.
Scotland’s second city saw office space take up in the city centre rise by 5% compared with the ten year average according to a survey by property experts DTZ.
The most significant deal saw Scottish and Southern Energy buy the property of One Waterloo Street which gave the company approximately 204,000 square feet of office space.
Further notable deals included the Clarion Building being purchased by NFU, while law firm Maclay, Murray and Spens LLP and accountancy firm Ernst and Young leased two properties worth a combined total of 60,000 square feet of office space.
Office space was also leased at the very end of 2010 to l2, a serviced office specialist firm who have made their first foray into the Scottish market. Their new base is at 2 West Regent Street.
Grade Two take up of office space in Glasgow over taken that of Grade A office space according DTZ’s study. Over 209,000 square foot of Grade B office space was annexed last year compared with 204,000 square foot of Grade A office space.
Royal Sun Alliance’s 30,000 square feet of office space take up was one of the bigger Grade B moves in the office market during last year.
In total there were 65 deals involving Grade A and B office space in Glasgow last year, showing a 20% increase in transactions and a 5% increase in floor space compared with 2009 levels.
DTZ has suggested that 2011 could be a year of cautious optimism thanks in part to the expected slow down of office deals and the elections for the Scottish Parliament in May.