Tesco and Shell to revive the Glasgow Office market?
Two major companies, Shell and Tesco Personal Finance are close to agreeing a grand total of 190,000 sq ft of office space in
Glasgow. Shell is rumoured to be close to relocating to Property Group’s 141 Bothwell Street at a proposed rent of £28 per sq ft. This would mean a deal of over 90,000 sq ft of office space. The company currently resides on Gordon Street with it’s HQ in the Hague, but has not made a final decision yet. If they do agree, it would equate to 90% occupancy at the building, as PWC took 28,000 sq ft earlier in the year.
Tesco Personal Finance are also alleged to be closing in on 100,000 sq ft of office space in Glasgow. Last year they took 47,000 sq ft at Interpoint in Edinburgh, but are thought to be considering moving to Broadway One. Tesco bought out RBS’s £950 million stake in the Joint Venture in December last year. It is now looking to open “Tesco Banks” in a small number of it’s supermarkets.
Just under 44,000 sq ft of office space was let in Q1 of this year in Glasgow – a fall of 50% on last year.