Good year for Glasgow

A recent office market report on Glasgow by Knight Frank highlighted an excellent year for office lettings in the city. Office take-up for the year reached 700,000 sq ft, which was 30% above the ten-year average (see below).


Glasgow Office Take Up







The largest deal was Scottish Power’s 220,000 sq ft pre-let St Vincent Street HQ, but there were also significant lettings to Brodies Solicitors taking 25,000 sq ft, Atos (37,000 sq ft), Ashurst Solictors (25,000 sq ft), JP Morgan (21,000 sq ft), SAS Software (20,000 sq ft), KPMG (15,000 sq ft), Speirs & Jeffrey (15,000 sq ft) and Skyscanner (11,000 sq ft).

The Metropolis database reveals just over 30 outstanding office requirements in Glasgow, including Teleperformance and Ministry of Justice looking for 30,000 sq ft each and Aquira looking for 20,000 sq ft each. The thirty firms are currently searching for a total of over 300,000 sq ft of office space in the city, although this includes a lot of sub-5,000 sq ft searches. There are another 35 firms due to make decisions ahead of lease expiries in 2014 and 2015.

Total availability of office space in Glasgow, both second-hand and newly constructed or refurbished, has fallen 400,000 sq ft, but only two new buildings fully available for letting.

Three Glasgow office schemes are under construction: Abstract Securities’ 170,000 sq ft St Vincent Plaza; Bam Properties’ 163,000 sq ft 110 Queen Street and M&G Real Estate’s 140,000 sq ft 1 West Regent Street. Agents expect over 450,000 sq ft of new office space to be completed in 2015 and a number of existing Glasgow occupiers are expected to negotiate pre-lets.

The outlook is that a number of high profile office letting deals are likely to be signed over the next 12-18 months as the new office space comes online. There are also additional sites in the pipeline awaiting pre-let interest. Glasgow is also likely to feel some gain to its profile from the 2014 Commonwealth Games which could help inward investment.


Central London Offices February 2014

Central London office transactions in February 2014 reached 802,000 sq ft in 35 deals of 5,000 sq ft of more. Two deals dominated the month: EY taking 205,000 sq ft at 25 Churchill Place and ING Barings taking a 120,000 sq ft pre-let at the nearly complete 8-10 Moorgate in London, EC2.

Deals for Grade A space dominated during February, with 600,000 sq ft of the 800,000 sq ft signed on new office space. Professional and Financial sectors dominated as a result of the EY and ING deals, but there were also significant lettings to the TMT (technology, media and telecom) sectors.

The City and Docklands dominated lettings with over 80% of transactions coming in these areas.

London Fit Out Rankings – 2009 to 2013

Boom to Bust (and Back Again)

London Fit Out 2009-2013

Metropolis Property Research has just released it’s latest report on the central London fit-out market.

The report ‘Boom to Bust (and Back Again)’ provides Top 10 rankings for firms involved in interior design and project management, fit out ‘build’, and agents advising tenants.

The No 1 Ranked TOP 10 firms are:

No 1 Interior Architect  – Pringle Brandon Perkins + Will

Pringle Brandon Perkins + Will has been ranked as London’s No 1 interior architect with 2.7m sq ft of interior fit-out projects 2009-2013.  This is 24% market share amongst the named TOP 10 firms.

No 1 Fit Out Contractor – ISG

ISG has been ranked as London’s No 1 fit out contractor with 3.1m sq ft of fit-out projects 2009-2013.  This is 29% market share amongst the named TOP 10 firms.

No 1 Interior Project Manager – G&T

Gardiner & Theobald (G&T) has been ranked as London’s No 1 project manager on interior fit out projects with 1.9m sq ft of projects 2009-2013.  This is 21% market share amongst the named TOP 10 firms.

No 1 Tenants Agent – CBRE

CBRE has been ranked as London’s No 1 tenant agent with 4.9m sq ft of occupier deals done 2009-2013.  This is 31% market share amongst the named TOP 10 firms.


Editorial Notes

In the five years covered by the research (2009-2013) a total of 49.6m sq ft of new office space has been let in central London. Deals over 25,000 sq ft, which are the focus of the analysis, amounted to 24.7 m sq ft, in all 353 projects.

In the report fit-out is defined as being the fitting out of new space for corporate clients who have signed deals for office space in the period 2009-2013 in central London.


The report Boom to Bust (and Back Again) is available from Metropolis Property Research. The report contains an overview of the London fit out market with full Top 10 rankings and market share analysis.  For details please contact Simon Sluszny –


About Metropolis Property Research Ltd

Metropolis Property Research is an independent research and information company established in 1998.   The company carries out research into the UK and international office markets and corporate moves.


University projects rise from the ashes

Metropolis has noticed an upswing in the number of university building projects, being planned and tendered for over the last 2 years months. During the years 2012 and 2013 over 260 higher education projects have been reported by Metropolis each year, compared to less than 200 each year in 2010 and 2011.

In the past year, the volume of new space being planned has topped 600,000 sq m (6.5m sq ft) and the early indication from planning applications in early 2014 is that new floorspace being planned could rise further in 2014.

Recent examples include the University of Edinburgh’s £20m Old College Building refurbishment for the School of Law; a £29m medical centre at University of Surrey; a £42m Centre for Medicine at Leicester University; a £20m Far-Eastern centre for Oxford University and a £41m biotechnology building at Cambridge University, plus new law schools at Leeds and Manchester.

Government reports suggest that current high student numbers, combined with a change in methods of teaching learning and research are leading to a re-appriasal of facilities. New capital projects are being targeted to specific university objectives which will lead to a better profile for the university and the chance to increase investment returns. In parallel, universities need to attract higher income overseas students, so aim to build better high-end accommodation and recreational facilities, as well as launching new landmark schools of law or medicine.

Non-residential income at institutions has risen by nearly 11% in recent years, while the proportion spent on maintenance has fallen by a similar amount. So while income per student has been rising, the amount spent accommodating and teaching each student has been falling, freeing up more potential for capital investment.


As the examples above illustrate, plans for new higher education capital projects in the last two years are growing in number. Current plans reflect a clustering of schemes at Oxford, Cambridge and Edinburgh, as well as a surge of activity in the south west region. In some regions the higher education sector has become a main plank of some architect’s workloads. Figures from Metropolis show that number of higher education projects seeking tenders each month, has doubled in the last 6 months. The outlook, based on the current planning pipeline, is for this increase to be maintained into 2015.