Office market bouncing back

24 Aug 2021

Leading real estate advisor CBRE recently released its latest figures on the office markets in Glasgow and Edinburgh during the second quarter of 2021.

Take-up in Glasgow office market totalled 118,628 sq ft in the second quarter, an increase of almost 60% from the first quarter of 2021 and 94% from the same period in 2020. There was also 119,973 sq ft of lease regears in Q2, with many  occupiers happy to remain in Glasgow and committing to space within the city.

Current office supply sits at 1,859,455 sq ft, up some 23% from the year-on-year figure. This is a mix of newly developed offices and second-hand vacated space.

Office market bouncing back

Andy Cunningham, senior director, CBRE (pictured), said: "Glasgow's office market continues to bounce back strongly as Covid-19 restrictions across the country are eased. The 118,628 sq ft that transacted in the last quarter represents the largest amount of office take-up witnessed in the city since the start of the pandemic and demonstrates how confidence is returning".

"We are also aware of over 1.3m sq ft of active requirements in the market which further emphasises Glasgow's ability to make a strong recovery, as people eventually return to the office".