The Glasgow City Centre office market continues to show significant signs of recovery with 98,687 sq ft take-up recorded in Q3 2024. This brings the total take-up for 2024 to 297,985 sq ft and encouragingly an increase of 28% year-on-year from Q3 2023.
Adapt Commercial Property were delighted to transact on the largest Glasgow City Centre letting in Q3 at the prestigious 110 Queen Street on behalf of landlord, DWS Group. The 18,548 sq ft third floor was leased to global legal firm, Clyde & Co to join a stellar tenant line-up including ACCA, Brodies LLP, Deloitte UK, Grant Thornton, NatWest and WSP. 110 Queen Street continues to offer some of the best Grade A office space in the city, in an unrivalled central location. With Grade A opportunities still in short supply, it’s no surprise that the building continues to impress as opportunities open up with two floors becoming available.
Occupier demand continues to be driven by a strong appetite for high quality space. The trend of occupiers seeking fully-fitted space remains, particularly from small to medium sized businesses with 40% of lettings recorded in Q3 2024 being fully-fitted.
Prudent occupiers are commencing searches earlier than they previously would have to identify the best available options. With limited committed refurbishment schemes and no new development pipeline, unlocking creative refurbishment opportunities or securing tenant-release space will be key moving forward.
From large corporations to SMEs, businesses have been re-evaluating how they can optimise productivity for their staff by creating the right workplace environment and culture. The concept of hybrid work, which offers employees the flexibility to work from anywhere while also emphasising the importance of in-person collaboration, has gained significant traction. Whilst remote work has its advantages, there’s a fundamental need for people to come together, share ideas, and foster innovation, which is crucial for business growth.
There’s a growing trend towards reducing office footprint while enhancing quality. Companies are willing to invest more in rent for premium spaces that promote productivity and attract top talent, rather than simply maximising occupational densities. This trend is driving landlords to adapt their offerings to meet the evolving demands of occupiers. Adapt Commercial Property continue to advise a wide range of occupier clients on “rightsizing” their office requirements to secure modern workspace fit for their bespoke requirements.
For further information on the Glasgow market or to arrange a meeting to discuss your requirements feel free to contact Fergus Maclennan on 0141 266 0571 or email fergus@adaptcommercialproperty.com
