GLASGOW city centre suffered a hit on office take-up in the first quarter compared to the same period last year.
Activity across Glasgow’s office market was said to be slow in the first three months of 2019, while there continues to be healthy levels of occupier demand, according to new figures from property firm JLL.
In the city centre, take-up stood at 103,497 sq ft spanning about 30 separate deals, marking a 59 per cent drop in activity compared with quarter one in 2018, which saw the Government Property Unit acquire 187,000 sq ft in Atlantic Square.
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JLL said that despite the lower take-up in 2019 so far, there are good levels of stock under offer and strong occupier interest should see the second quarter returning a healthy take-up figure.
The largest deal of the quarter saw tech firm Gamma Telecom relocate from West Nile Street to West Regent Street.
Other significant deals include Glasgow University expanding its operation at Tay House.
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JLL predicts supply pressures will start to ease off as some major refurbishments are completed by the fourth quarter of this year.
Kirsteen Lamont, senior surveyor at JLL, above, said: “Despite the first three months of this year being relatively slow, there is clearly lots of activity across the city with strong levels of live requirements, meaning Q2 take up should be healthy.
“While some occupiers may be taking a wait and see approach due to ongoing political uncertainty, we anticipate the majority will continue with planned relocations this year. High demand for stock and a lack of supply, particularly in the city centre, is causing occupiers to consider their options as early as possible.”
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