Glasgow’s attractive and well conserved Victorian and Georgian architecture, has not constrained the transformation of the city’s skyline with a number of award-winning technologically advanced landmark office blocks, many boasting EPC A and BREEAM Excellent rating, shining brightly around the core business area.
In 2015, 3 new speculative developments completed producing 470,000 square feet of Grade A space. 110 Queen Street, 1 West Regent Street and St Vincent Plaza are now substantially let.
A pre-let deal for bespoke offices for Scottish Power (220,000 square feet) is now complete. Work is also underway on a new office block for Morgan Stanley to relocate and expand at 122 Waterloo Street (150,000 square feet).
Available Central Glasgow supply of all grades of office stock stood at 1.8 million square feet at the end of 2016, resulting in a vacancy rate of 13.7%.
Central Glasgow supply of Grade A space (including new build and top refurbishments) stood at circa 400,000 square feet at the end of 2016. With around 53,000 square feet of this new Grade A stock currently under offer, there is around 13 months of Grade A supply remaining, which is recognised as a shortfall.
With existing stock filling rapidly, an opportunity presents itself for investors to invest in further speculative office development or the refurbishment of existing buildings.
A number of development sites contained within the Central Business District are suitable for office, hotel or residential development creating numerous investment and development opportunities in the city.
New Office Development Pipeline
BAM Properties and Taylor Clark Properties will jointly develop 27,900 square metres of space in the International Financial Services District (IFSD). The development will comprise of two commercial buildings (16,800 and 7,400 square metres respectively), with ground floor retail space. A third building will comprise retail and residential accommodation.
60 Bath Street/Sauchiehall Street
Located on the corners of Sauchiehall Sreet, Renfield Street and Bath Street, the project will provide 250,000 square metres of retail, new build Grade A offices and contemporary refurbished design style offices. Completing in mid-2019, this major city centre regeneration project will create a vibrant new retail and office destination for Glasgow.
177 Bothwell Street
177 will offer over 25,000 square metres of exceptional Grade A office accommodation (EPC A/BREEAM Excellent) across 12 storeys of over 2,000 square metres typical floors. This is the final phase of the Bothwell Exchange development with the adjacent 122 Waterloo Street providing 14,400 square metres of Grade A accommodation pre-let to Morgan Stanley completing in October 2017.
Broadway Central is an ‘oven ready’ new development with planning permission and fully designed to provide 17,000 square metres of energy efficient Grade A office space with highly flexible floors of 1,900 square metres each. A total of 69 car and 20 cycle spaces will be provided. Adjacent occupiers include Tesco Personal Finance, Newsquest Media Group and the 198 bed Citizen M Hotel.
New Exchange (Cadogan Street)
New Exchange’s futuristic design, by award winning architects Cooper Cromar, combines a visionary approach to development by FORE Partnership which will result in an exemplar workplace offering 8,900 square metres of EPC A and BREEAM Outstanding space. At the heart of the design is the developer’s belief in embracing staff wellbeing, sustainability, agility, exceptional quality, green transportation, high technology and life cycle cost minimisation.
The Garment Factory (Montrose Street)
This exciting new development site will offer circa 5,000 square metres of unique office space to Glasgow’s burgeoning Merchant City. This stunning red sandstone corner building will provide office occupiers with an attractive working environment with wood floors, high floor to ceiling heights and retained original features. Due to complete in summer 2017. The Garment Factory will offer a range of suite sizes to suit all occupiers.
Invest Glasgow can provide up-to-date detail on available, city-wide office properties.