Glasgow is likely to see a sudden spurt in demand for real state in the second quarter of 2009. The likely spurt is mostly attributed to the demand generated by Shell, Tesco and PriceWaterhouseCooper to a great extent. The demand for commercial space in Glasgow had come down by almost half in the first quarter of 2009, reported Cushman & Wakefield, but the second quarter may see a jump in leases from 43,573 square feet in the first quarter to 190,000 square feet.
Shell has been mulling over a move to 90,000 square feet of prime shared office space in 141 Bothwell Street from its current location of the Grosvenor building. The property which has interested Shell, which has headquarters is in Hague, is owned by Premier Property Group - click for info on shared office space.
If Shell does decide to move to its new address, the commercial space at Bothwell Street will be all but occupied. Incidentally, PriceWaterhouseCooper has also recently acquired a space of 28,000 square feet in the same street. With so much interest on this space, it could well be sold out at the current rate of £28/sq ft.
Tesco, which has recently bought its joint venture partner Royal Bank of Scotland
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