Take-up

Q3 2024 take-up in Glasgow totalled 107,000 sq ft across 32 deals done in the quarter. This was 14% higher than the number of transactions for the same period in 2023. Q3 2024 take-up was 7% higher than Q3 2023, and 6% higher than the previous quarter. Year-to-date take-up amounts to 283,000 sq ft, 22% higher than Q1–Q3 2023.

Grade A and Prime take-up in Q3 2024 totalled 30,000, consequently accounting for 29% of the total. Year-to-date Grade A and Prime take-up totals 81,000 sq ft, and also accounts for 29% of the total take-up.

Supply

Availability in Glasgow at the end of Q3 2024 stood at 2.1 million sq ft, which was a 6% increase on the previous quarter. Consequently, this means that the overall vacancy rate now stands at 14.7%, an increase of 90 basis points.

Grade A and Prime availability stood at 638,000 sq ft, an increase of 5% on Q2 2024. The Grade A vacancy rate increased by 20 basis points to 3.1%, whilst the Prime vacancy rate remained the same at 1.2%, demonstrating the preference among occupiers for best-in-class in Glasgow.

Take-up by business sector

The most active sector during Q3 2024 was the Professional sector, which leased a combined total of 38,000 sq ft, therefore accounting for 36% total, with seven deals done. The largest deal of the sector and the quarter totalled 19,000 sq ft and was acquired by Clyde & Co, at 110 Queen Street.

The Public Services, Education and Health sector was also notably active in Q3 2024 by accounting for 15% of the total. The sector leased a total of 16,000 sq ft, with the largest deal of the sector being acquired by the Glasgow School of Art for a total of 13,000 sq ft at 65 West Regent Street.

Rents

There has been no change in the Prime rent in 2024, which currently stands at £37.50 per sq ft. This means that the Prime rent has grown by 15% over the last five years. Further rental growth is expected in Glasgow due to a constrained Prime supply, and is projected to reach £39 per sq ft by the end of the year, with Savills latest projections forecasting growth to reach at least £47.50 per sq ft by the end of 2028. This would represent a significant 27% increase over the next five-year period.

Interested in other areas of the UK?

View all of our latest Q3 2024 Occupational Office Data research here.