Demand for Office Space in Glasgow is falling
August 17th, 2008 | by Simon RattrayThe amount of businesses looking for office space in Glasgow in the last sixth months has fallen substantially compared to Q1 and Q2 of 2007.
Data from commercial property agents Cushman & Wakefield illustrates that only 98,268 square feet has been taken up in Q1 and Q2 of this year, while last year in Q1 and Q2 over 400,000 square feet was leased.
The fall in overall demand was blamed on the effects of the credit crunch and the prevalence of financial institutions in Glasgow itself, which have been suffering during the downturn. C and W also cited a lack of what they describe as “well-specified” locations which have had the effect of reducing the number of overall deals completed.
There is also new stock scheduled to become available, nearly 150,000 square feet in 2008 and over 700,000 square feet in 2009. This should have the effect of increasing transactions as the newly available space offers what existing space cannot provide such as large floor plates.
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