Savills: Momentum builds for Glasgow offices as take-up almost doubles from Q1 2021

According to Savills latest figures on the Glasgow office market, the city centre recorded 112,087 sq ft of take-up in Q2 2021, a 77% increase from Q1 2021, with Savills advising on 64% (71,966 sq ft) of all deals in the quarter.

Savills: Momentum builds for Glasgow offices as take-up almost doubles from Q1 2021

While total H1 2021 take-up is down by approximately 23% compared to the same period last year the Q2 2021 take-up is 287% ahead of Q2 2020 take-up.

Banking (11%), serviced office (10%), and property company, development & construction (10%) sectors were the most active in the first half of this year and the continued fight to quality has meant rents in the city continue to remain robust and expect to increase over the course of this year, according to the international real estate advisor.

David Cobban, director in the office agency team and head of Savills Glasgow, said: “The first half of 2021 has experienced a real surge of activity despite continued restrictions put in place to control the Covid-19 pandemic.

“While a number of deals have taken longer to complete, as new and refurbished space hits the market we are seeing strong demand and competition to secure this high quality space as occupiers anticipate a return to work.”

He added: “This flight to quality has supported the rent levels in the city and the underlying activity in the market points to continued upwards pressure on rents and a resurgence of activity across the market from large and smaller requirements. We expect this level of activity to continue over H2 2021 and rents to increase.”

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