Glasgow office demand soars as investors hunt for bargains
Glasgow’s office and commercial property market is soaring, according to a report by Scotland on Sunday.
Millions of pounds are now being piled into the market, as investors seek to claim office properties at reduced prices. This trend is recharging Glasgow’s office market and encouraging renewed interest in the city.
Steven Newlands of Cushman & Wakefield says that despite a “famine of deals” in Glasgow for the first half of the year, investors are now snapping up properties.
According to the report, Newlands adds that big corporations such as life companies and pension fund managers were returning to the market. Overseas investors are also boosting the market, bringing interest from countries such as Israel.
“There’s plenty of demand for prime, well-let properties. Security of income is key. Demand is such that there isn’t that much prime property left,” says Newlands.