11.13.09

Upturn in Office Space Market Benefits Glasgow

Posted in Business Opps, Profitable Real Estate, Promoting Stuff at 12:17 pm by admin

Glasgow is one of the locations benefited by the improvement in commercial real estate markets post recession. Commentators state that there is a significant rekindling of interest in prime office space here.

The improvement in Glasgow has come due to massive investment made towards development of office space here, making the area a prime location for businesses to set up their establishments. Fresh investments are expected to come in from overseas clients like Israel. Kuwait has already made its interest felt in Glasgow by investing in a massive 44,400 sq ft of desk space on West George Street. The deal, which was closed by Cushman & Wakefield, amounted to a total investment of £16.1m.

Speaking about this deal, Steven Newlands, partner in Cushman & Wakefield, remarked that the deal has set the stage for further investment in this area. Earlier in the year, the activity in commercial space markets was decidedly sluggish. However, after this deal, the current scenario seems much more upbeat, with investors suddenly regaining confidence in property here.

With the economy in revival mode, investors are not afraid to spend a little more now than they could have done earlier. Stable clients like public sector organisations and long- term clients are special favourites for investment groups. However, a number of life insurance companies and pension fund managers are displaying a renewed interest in commercial property.

If the trend continues, not only Glasgow and similar prime locations, but also Britain in general will benefit significantly from the economic growth.

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