Glasgow's serviced office market is up nearly a quarter in the first nine months of this year. But is it today's entrepreneurs / tomorrow's captain's of industry, taking space or the same old firms shrinking?Figures released today by officebroker.com - and seen here for the first time - show that the number of businesses signing up for space in the city is up 24% on the same period a year ago.
But, they are signing up for less space. The report says that tenants are taking 40% less space (just under five desks) when compared to a year ago.
What's unclear in the report is whether these are fledgling firms being drawn to the local market (a good thing - little acorns and all that) or whether it's the same firms that have always eyed the city as a good location simply needing less space (decidedly less good).
Officebroker think it's the latter. It hopes that the figures show an 'influx of smaller, less established firms, hoping to get a foothold in the city'.
Yes, officebroker would say that, but the final quarter of this year might hold the key. It says Q4 is typically the strongest in terms of new entrants to the market. If those figures are up maybe Glasgow really is at the start of something good, and, as companies grow, put down roots then that's a boost for all those office agents with space to let.
Prices are on the way up, indicating that there is strength in the market. The average cost per workstation has risen to £231 per month (up £11), which, says Chris Meredith, head of UK sales at officebroker.com, means that costs now: "sit just above the Scottish average which indicates that a central Glasgow postcode is something business owners are willing to pay a little extra for."
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