Take-up

Glasgow 2024 take-up totalled 439,367 sq ft, 42% higher than the previous year and 7% higher than the five-year average. This was achieved by 126 transactions, which was the highest number on record for Glasgow, and was 22% higher than the five-year average number of transactions.

Grade A and Prime take-up in 2024 totalled 175,223 sq ft and accounted for 40% of the take-up total. This was 30% higher than the combined take-up in 2023.

Supply

Availability in Glasgow at the end of 2024 totals 2.18 million sq ft, a 5% decrease on the previous quarter. This means that the overall vacancy rate is now 14.4%, which represents a decline of 30 basis points. Availability continues to be dominated by secondary stock, with this accounting for 74% of the total.

Grade A and Prime availability total 451,773 sq ft and 118,716 sq ft, respectively, with the combined vacancy rate standing at 3.8%. Grade A supply saw a 14% decrease on the previous quarter, whilst Prime witnessed a 34% decrease, further highlighting the occupier flight to quality within the market.

Take-up by business sector

The most active sector during 2024 was the 'Professional' sector, which leased a combined total of 117,849 sq ft and, therefore, accounted for 27% of the total. This was achieved across 30 deals, the largest on record for the sector. The largest deal of the sector was achieved by PwC at Aurora, for a total of 25,887 sq ft.

Another notable sector in 2024 was the 'Extraction & Utilities' sector, which leased a combined 83,472 sq ft through seven transactions and, therefore, accounted for 19% of the total. The largest letting totalled 62,002 sq ft and was achieved by SSE, also at Aurora. 

Rents

There has been an increase in the Prime headline rent, which now stands at £41.50 per sq ft. This means that the Prime rent has grown by 28% over the last five years. Further rental growth is expected in Glasgow due to a constrained Prime supply, with Savills' latest projections forecasting growth to reach at least £48.00 per sq ft by the end of 2026. This would represent a significant 16% increase over the next two-year period.

Interested in other areas of the UK?

View all of our latest Q4 2024 Occupational Office Data research here.