Glasgow office lettings hit new high as firms reassess space requirements

Office lettings have hit a record high in Glasgow as companies review their requirements for working space, new figures suggest.

The number of office lettings to complete in the city centre in the first three quarters of 2022 reached 84, according to the latest research from Savills. This represents the greatest number of deals seen at this point of the year since the firm’s records began in 2013. The next best year was 2019, which recorded 82 deals over the same period. Total quarter one to quarter three activity this year amounts to some 306,000 square feet of office space.

Property experts said the increased activity has seen occupiers prepared to pay higher rents in exchange for well designed, energy efficient space already fitted out and including furniture to allow occupiers to move in immediately. The majority - some 65 per cent - of deals in 2022 involve sub-3,000 sq ft floorplates. Savills said occupiers were choosing the most efficient options - higher quality, smaller offices.