Glasgow office space investments are set to achieve a record-breaking year, according to property specialists Knight Frank.
As a November 2017 BQLive.co.uk article reports, the first 10 months of 2017 saw Glasgow office investments worth more than £422m, which is near 2007’s £428m total. Knight Frank predicts that the total value of office investments in Glasgow could exceed £600m by the end of the year, which could beat the previous record total of £485m set in 2006.
Several top grade offices have changed hands in 2017, including the Capella Building (for £43.5m) and the Cuprom Building (a deal worth £28m).
John Rae, head of Knight Frank’s Glasgow office, said that an already strong 2017 for the Scottish city could yet turn out to be its best ever. He added:
“We predicted at the turn of last year that investment activity in Glasgow would pick up in 2017, as more of the city’s prime assets let up and were ready to trade – that prediction has come to pass and is still playing out.”
There are a number of overseas buyers investing in Glasgow. With strong competition between investors, prices remain high.
Concerns have been expressed by some analysts that the London commercial property market is heading for a downturn, and many investors are looking outside of the capital as a result. With commercial mortgages available to competitive rates, statistics suggest that Glasgow could be a prime area to invest in top class office space.