Cushman & Wakefield reported that the Glasgow real state market was in a slump with a 50% reduction in the leases of commercial space in the first quarter of 2009. But the slump may get over as Shell and Tesco look set to acquire 190,000 square feet in the second quarter, a huge jump from only about 43,573 square feet letting in the first quarter.
Shell, the oil giant, which has it’s headquarter at The Hague in Netherlands, is negotiating a move from its current location in Glasgow, The Grosvenor building, to 141 Bothwell Street. 141 Bothwell Street, which is owned by the Premier Property Group, will offer an area of about 90,000 square feet of deskspace to Shell.
There is a good chance that all the available property on the Bothwell Street location will be acquired at the current rate of £28/sq ft, if Shell decides in favour of moving here as PriceWaterhouseCooper has already leased about 28000 square feet at this location.
The supermarket giant Tesco is also reportedly planning to get a foothold in Glasgow. After having bought Royal Bank of Scotland, its joint venture partner, Tesco needs a location to expand its financial arm. The company has been eyeing the IVG and Ediston owned properties of Broadway One and Broadway Two, and also has some considerable interest in the 110,000 square feet Capella building in Atlantic Quay.
Tesco has plans for rapid expansion by the year’s end, including about thirty centres of the Personal Finance arm. ‘Tesco Bank’, the tentative name for their finance business features prominently in their expansion plans too.
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