Office take-up in Glasgow totalled 167,800 sq ft in Q1 2026, 4% greater than Q4 2025 but 27% lower than the 10-year average. This was despite the take-up of mid-sized floorplates greatly exceeding historic averages, with demand for both larger and smaller sizebands instead falling short. The largest deal of the quarter saw utilities firm Centrica let 23,900 sq ft at 2 Atlantic Square to establish their first office site in Glasgow.
Office vacancy rates increased marginally over the quarter, rising 30 bps to 11.2%. This was driven by the release of secondary space, as grade A vacancy instead fell slightly from 2.1% to 1.7% due to deals at grade A locations.
Office prime rents in Glasgow remained at £41.50 per sq ft over the quarter, with rent frees also unchanged at 12 months for a 10-year lease.