According to data in Savills’ latest Glasgow Scottish Property Outlook, over the next three years there is currently no new office development planned for the city meaning this trend is likely to continue.

Out of the Big Six office markets (Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester), Glasgow and Edinburgh are the only cities that have seen a full comprehensive refurbishment secure rents in excess of those for a new build development.

Already, prime headline rents for refurbished stock have reached £41.50 per sq ft in Q1 2025, a 28% increase over the past five years and Savills forecasts suggest this could reach £48 per sq ft by the end of 2026, representing further growth of 16%. However, if a pre-let new build were to be secured this would have the potential to exceed £55 per sq ft over the next five years.

David Cobban, head of Savills Glasgow and director in the office agency team, said: “This significant increase in rents for refurbished office space in the city can be attributed to the ongoing lack of good quality stock. Glasgow currently has less than a year’s worth of prime supply, equating to a vacancy rate of just 2.7%.

“This, coupled with the fact that there is practically zero development pipeline, means refurbishing existing buildings is currently the only way to fulfil occupier requirements. Although, if rents continue on this trajectory then development should, in theory, become viable, as seen in other UK cities including Manchester and Bristol.”

Demand is certainly there, Savills saw take-up in Glasgow reach 316,092 sq ft in the first three quarters of 2025, a 12% increase on last year’s figure. In fact, the city recorded 101 transactions during this period, the highest number on record. Again, looking at the Big Six, whilst all markets performed relatively well with robust take-up of 2.7 million sq ft in Q1 to Q3, the Scottish cities continue to surpass expectations.

With 500,000 sq ft of named requirements in the market at present, looking ahead to Q4 Savills expects to see take-up surpass 500,000 sq ft by year end. This will see activity exceed the five-year annual average, reaching the highest total since 2021.

Clare Bailey, director in the Savills research team, added: “There is no doubt that Glasgow’s office market is showing encouraging signs, with forecasted rents making a compelling case for both refurbished stock and new development.

“Other cities have already set the tone for rental growth – Bristol recently achieved a new headline rent of £50 per sq ft, while Leeds recorded a 15% increase to £46 per sq ft last quarter. These benchmarks highlight the upward pressure on prime rents across key regional cities.

“For Glasgow to remain competitive, sustained momentum will depend on delivering high-quality, well-located space that meets evolving occupier expectations.”