Savills plc

07/20/2021 | Press release | Distributed by Public on 07/20/2021 05:34

Momentum builds for Glasgow offices as take-up almost doubles from Q1 2021

Banking (11%), serviced office (10%), and property company, development & construction (10%) sectors were the most active in the first half of this year and the continued fight to quality has meant rents in the city continue to remain robust and expect to increase over the course of this year, says the international real estate advisor.

David Cobban, director in the office agency team and head of Savills Glasgow, says: 'The first half of 2021 has experienced a real surge of activity despite continued restrictions put in place to control the Covid-19 pandemic. While a number of deals have taken longer to complete, as new and refurbished space hits the market we are seeing strong demand and competition to secure this high quality space as occupiers anticipate a return to work.'

'This flight to quality has supported the rent levels in the city and the underlying activity in the market points to continued upwards pressure on rents and a resurgence of activity across the market from large and smaller requirements. We expect this level of activity to continue over H2 2021 and rents to increase.'