Market in Minutes: Glasgow Occupational Office Data Q1 2025

Glasgow office market Q1 roundup

Take-up

Office take-up in Glasgow during the first quarter of 2025 totalled 150,631 sq ft and was achieved through 37 transactions, 28% higher than the number of transactions in Q1 2024. Take-up was 93% higher than the same period in 2024 and also 56% and 12% above the five- and ten-year Q1 averages.

Grade A and Prime take-up totalled 106,215 sq ft through ten transactions and accounted for 71% of the total, the highest Grade A & Prime proportion since 2018.

Supply

Total availability at the end of Q1 2025 stands at 2.2 million sq ft, on par with the previous quarter. Secondary stock accounts for 72% of the total, with the overall vacancy rate increasing slightly by 20 basis points to 14.9%.

Grade A and Prime availability now total 402,630 sq ft and 224,666 sq ft, respectively. Grade A has decreased by 11%, whilst Prime has increased by 89%. Despite this, Glasgow continues to have a lack of best-in-class stock to feed the growing demand. The Grade A vacancy rate has now decreased to 2.7%, whilst Prime vacancy rate has increased, and now stands at 1.5%.

Take-up by business sector

The most active business sector during Q1 2025 was the 'Professional' sector, which leased a combined total of 63,657 sq ft and, therefore, accounted for 42% of the total. This was achieved through seven transactions, with the largest being acquired for a total of 31,724 sq ft by Pinsent Masons at Aurora.

Another notable sector during the quarter was the 'Business & Consumer' sector, which accounted for 22% by totalling 32,647 sq ft. This was through six transactions, the largest of which was acquired by SecuriGroup at 300 Bath Street for a total of 12,000 sq ft.

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 per sq ft by the end of 2026. This would represent a significant 16% increase over the next two-year period.