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Glasgow pre-let

Edrington Group, the Scottish spirits group, is to move to the under construction 100 Queen Street, Glasgow, G1. It will take the top four floors of the building with space in the region of 2,777 sq m (29,890 sq ft). The building is currently undergoing a £8.25m renovation which will include two extra floors. Construction is expected to complete in late 2016.

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Glasgow report

A recent office market report on Glasgow by Knight Frank highlighted an excellent year for office lettings in the city. Office take-up for the year reached 700,000 sq ft, which was 30% above the ten-year average. The largest deal was Scottish Power’s 220,000 sq ft pre-let St Vincent Street HQ, but there were also significant lettings to Brodies Solicitors taking 25,000 sq ft, Atos (37,000 sq ft), Ashurst Solictors (25,000 sq ft), JP Morgan (21,000 sq ft), SAS Software (20,000 sq ft), KPMG (15,000 sq ft), Speirs & Jeffrey (15,000 sq ft) and Skyscanner (11,000 sq ft). The Metropolis database reveals just over 30 outstanding office requirements in Glasgow, including Teleperformance and Ministry of Justice looking for 30,000 sq ft each and Aquira looking for 20,000 sq ft each. The thirty firms are currently searching for a total of over 300,000 sq ft of office space in the city, although this includes a lot of sub-5,000 sq ft searches. There are another 35 firms due to make decisions ahead of lease expiries in 2014 and 2015. Total availability of office space in Glasgow, both second-hand and newly constructed or refurbished, has fallen 400,000 sq ft, but only two new buildings fully available for letting. Three Glasgow office schemes are under construction: Abstract Securities’ 170,000 sq ft St Vincent Plaza; Bam Properties’ 163,000 sq ft 110 Queen Street and M&G Real Estate’s 140,000 sq ft 1 West Regent Street. Agents expect over 450,000 sq ft of new office space to be completed in 2015 and a number of existing Glasgow occupiers are expected to negotiate pre-lets. The outlook is that a number of high profile office letting deals are likely to be signed over the next 12-18 months as the new office space comes online. There are also additional sites in the pipeline awaiting pre-let interest. Glasgow is also likely to feel some gain to its profile from the 2014 Commonwealth Games which could help inward investment.

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Market Report

A recent report on the Glasgow office market by Knight Frank suggests that there are no indications that construction will begin on any office buildings in the city centre before the end of 2012. The vacancy rate is around 10%.

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Market summary

A new report from King Sturge comments that in Glasgow no office space under construction, despite there being significant sites with planning permissions. City centre take up in 2009, at 418,000 sq ft, was 14.5 per cent higher than the previous year. Availability has risen to 2.1 million sq ft by the end of 2009, a vacancy rate of around 8.2 per cent, the highest since the early 2000s. Eleven new buildings offering 895,000 sq ft were underway at the start of last year, of which 650,000 sq ft is still available.

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New £10m offices planned

Clyde Gateway Developments is inviting tenders for the design, funding and building of a new £10m office building of 6,000 sq m (65,000 sq ft) with car parking at Corner of London Road & 151-159 Brook Street, Glasgow, G40. Turner & Townsend Project Management is handling the tenders, which close in mid January 2010. A contract award is expected in March 2010.

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Green light for Atlantic Square

Capella Group has been given the green light to proceed with its £100m 21,089 sq m (227,000 sq ft) mixed use scheme at Glasgow waterfront, known as Atlantic Square. Capella is keen to begin work asap and is in discussions with "potential partners".

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Corner site nears completion

The three storey building on the 'Corner Site' at 82 Wellington Street and 27-31 Waterloo Street, Glasgow, G2, burnt down in 2005. The insurance money is paying for the rebuild by the Consortium of Co Proprietors. Keppie Design gained the planning permission for a four storey £4.5m building of about 2,090 sq m (22,000 sq ft) gross, with retail on the ground floor. The development started on site in late 2007 and is due for completion in January 2009.

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Large chunk of Optima is let

About 8,082 sq m (87,000 sq ft) of office space at Crown Dilmun's Optima development on Robertson Street has been let. Two local education authorities have signed up for space at the 10,683 sq m (114,991 sq ft) building and are expected to move in before the end of 2005. The letting agents are CBRE and Ryden

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Short list for Elphinstone Place

Elphinstone, the developer, has short listed five contractors for its £100m Elphinstone Place scheme on St Vincent Street, in Glasgow. The 39-storey skyscraper will provide 20,950 sq m (225,500 sq ft) of office space, 202 apartments and retail and leisure space. The skyscraper is expected to be completed in 2008.

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Start date for 110 St Vincent Street

Next month, Scarborough Developments will appoint a main contractor for its planned redevelopment of 110 St Vincent Street, Glasgow G2. The contract winner will begin work one month later and is expected to complete by April 2007. The speculative development will provide up to 9,290 sq m (100,000 sq ft) of offices which are being marketed by CBRE and was designed by the Holmes Partnership.

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Aurora to complete this November.

Commercial Estates Management’s (CEM) redevelopment of the Aurora building on Bothwell Street, Glasgow, will complete during November 2005. 'Aurora', is a 10-storey £55m 16,257 sq m (175,000 sq ft) office scheme on the site of the former Scottish Enterprise headquarters at 120 Bothwell Street. The scheme will be the city's largest speculative scheme for 20 years. Jones Lang LaSalle and Ryden are the letting agents.

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Glasgow makes new plans

Glasgow City Council is to revise its City Plan just two years after being adopted. The council has issued new consultation documents to local residents in order to keep its regeneration plans up to date. A new draft plan for consultation will be issued by the end of the the year and possibly a finalised plan produced by the end of 2006.

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Dell takes City Park space

Dell, the computer retailer, has confirmed that it has taken about 6,038 sq m (65,000 sq ft) in Glasgow for a new call centre to employ around 400 staff, rising to 850 staff by 2008. The company may have an option on a further 3,065 sq m (33,000 sq ft) to meet expansion plans. Dell is to receive a regional assistance grant of £7.5m and the capital expenditure on the new centre will be £4.2m. The company has taken space on the first and second floors at City Park in Alexandra Parade, Glasgow, developed by Elphinstone and Earthquake Properties and funded by Irish Nationwide Building Society.

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2005 start for Central Quay 3?

Following on from the announcement that the remaining space at Akeler's 2 Central Quay development has been let; attention should now be paid to the remaining development site at the scheme. Given that the first two buildings on the site cover over 130,000 sq ft, it not unreasonable to assume that the next site could be in the region of 6,000 sq m (64,583 sq ft). Akeler was reluctant to comment but said that it may have more news on the final phase of the scheme in approximately four months time – watch this space. The letting agents are the Glasgow offices of DTZ and Montagu Evans.

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2006 start for the Cuprum?

Taylor Woodrow is considering a 2006 start of its Cuprum scheme in Glasgow. The Cuprum building will be located near Cadogan Square and will provide 9,568 sq m (102,989 sq ft) of office space over nine floors. The scheme has detailed consent and work may begin earlier if a pre-let is obtained or if the market improves sufficiently to risk a speculative build, although as Glasgow has at present a surplus of vacant Grade A office space a start may be unlikely. The letting agents are Jones Lang LaSalle and DTZ.

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