THE man overseeing what is believed to be the biggest speculative office development to come on stream in Scotland this year is insisting he will have little difficulty filling the £75 million St Vincent Plaza.

Mark Glatman has signalled he is confident of securing full occupancy for the Glasgow building even though potential tenants are taking longer to commit to new office space.

The development will bring 170,000 square feet of "competitively-priced" office space to the city centre when the site is fully fitted out and ready to lease later this year.

Mr Glatman, chief executive of Abstract Securities, confirmed the developer is already fielding interest from a number of parties but concedes that companies are not committing to office moves as quickly as they used to.

Mr Glatman said: "There is a lot of interest in the building, but the decision process is so protracted. And we are not just seeing this in Glasgow, we are seeing it everywhere.

"Companies are so slow in getting to the final decision, [that] by the time they do they don't have very long.

"Companies are still being quite cautious. They know they need it, and they know they have get on with it, but actually doing that last little leap is taking that extra bit of time."

Asked whether concern about the economy was influencing this caution, Mr Glatman, whose firm developed the first phase of the 335,000 square foot Aberdeen International Business Park last year, replied: "I think it is a reflection of that."

He expressed hope that with the uncertainty caused by the general election now fading that "people will be quicker making their decisions".

Abstract has completed work on the building, which is based in the International Financial Services District and overlooks the M8 motorway and Kingston Bridge, to "shell and core".

It typically completes work on one floor of its buildings which it then uses to market leases, before consulting interested parties on their fit-out requirements.

In Glasgow, however, potential tenants have signalled their preference for work on the interior of St Vincent Plaza to be completed before they commit to space.

As such, Abstract is now pressing ahead with the category A fit out of the building, which will see it add all flooring, ceiling and lighting. The project is running ahead of schedule and due to complete by the middle of September.

The keen price at which space is being marketed at St Vincent Plaza is fuelling Mr Glatman's confidence of securing full occupancy.

Mr Glatman said the competitive price at which the land up was acquired is one of the main reasons why Abstract, which typically sells the buildings it develops to investment funds, is able to market space at a headline rate of £23 per square foot.

In Manchester, he said, comparable office space is leased at £30 per square foot.

Asked why Abstract has been able to price the space in Glasgow at that level, Mr Glatman noted that it had acquired the land after previous owner Castlemore went into administration.

Provisions were also made in the building process to help keep costs down. For example, by eschewing curved walls the developer has been maximise the space available, and by making it environmentally efficient. The building has a 'B' energy performance certificate and an excellent rating from BREAAM (Building Research Establishment Environmental Assessment Methodology).

The average office size at St Vincent Plaza, which has 10 floors as well as a ground level, is 17,000 square foot. The top floor is smaller but does offer a terrace.

Mr Glatman said: "We have really focused on value. This is the lowest cost per work station - the best value new office building - in any city centre in the UK.

"One of the things that does for Glasgow is it gives the likes of Scottish Enterprise the opportunity to really push hard for inward investment in the city because it has got competitive offices. It can compete with Manchester and places like that very successfully."

Abstract is currently working on phase two of the Aberdeen International Business Park. Phase one was entirely let by Aker Solutions last year in what is believed to be the biggest ever commercial letting in Scotland.