INVESTMENT in Glasgow offices is on course to reach record levels this year, as the Brexit-hit pound continues to make deals in the city attractive to overseas investors.

More than £420 million was invested in office buildings in the city in the first 10 months of the year, with a further £183m worth of deals believed to be in the pipeline. It means investment in Glasgow offices in 2017 is on track to reach beyond £600m by the end of the year, beating the previous annual high of £485m recorded in 2006, according to figures compiled by Knight Frank.

The property agent said the Glasgow market has been boosted by major deals this year including the £43.5m acquisition of the Capella Building by Wirefox Investment in September, and the £28m purchase of the Cuprum Building by Credit Suisse from Tristan Capital Partners in January. This year has also seen the sale of 122 Waterloo Street by HFD Group to South Korean-based Multi Asset Global Investment, and, last week, the sale of St Vincent Plaza by property developer Abstract to a division of US-based Starwood Capital.

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Knight Frank said overseas investors have accounted for 41 per cent of deal activity so far this year, followed by private buyers (33 per cent) and UK institutions (26 per cent). John Rae, head of the agent’s Glasgow office, said: “It’s already been a strong year for Glasgow and, with a couple of months still to go, it could be the best in its history. We predicted at the turn of last year that investment activity in Glasgow would pick up in 2017, as more of the city’s prime assets let up and were ready to trade – that prediction has come to pass and is still playing out.”