Article by Tim Jacobsen, Office Agency Partner at Ryden.
Take up of office space in Glasgow city centre has exceeded the 5-year average in the past two years, increasing the pressure on prime space where availability in Q2 2026 sits at c. 100,000 sq ft.
We are seeing strong leasing interest continue, but with no committed new build schemes, and rising refurbishment costs making some projects financially challenging, the supply pipeline in the city is constrained.
Despite this backdrop, a number of exciting new projects are being delivered through the repurposing of existing buildings to give them a fresh lease of life and capture occupier demand.
206 St Vincent Street is a prominent corner building with a modern interior housed behind a striking period façade. Its recently completed refurbishment includes a landscaped roof terrace, cycle storage and modern multi-purpose space for training, event or fitness activities.
Stelmain’s transformation of 101 St Vincent Street (16,000 sq ft) completes in June 2026 and includes a new top floor suite, unique exposed stonework finishes and end of journey facilities in the basement. It offers good ESG credentials and occupier engagement has been strong with pre-lets to be announced prior to completion.
New JV partners Sterling PV and Alinor Capital acquired The Bond, a 10-storey red sandstone building on Queen Street, in early 2026 and are already on site to deliver the remaining 100,000 sq ft of the 128,000 sq ft building. Due to complete Q1 2027, the building enhancements will include roof top terraces and event space for all tenants. It will be one of only a handful of buildings available that can accommodate large occupier requirements.
Recognising the need for continual investment in their assets, a number of the property funds have invested in their existing, well let buildings to deliver building improvements.
Following their pre-refurbishment letting of 155 St Vincent Street to Addleshaw Goddard alongside existing tenant Network Rail, Aberdeen will officially launch their newly completed reception, basement amenity facilities and refurbished 5th floor (10,860 sq ft) in June.
HIH, the German property fund manager, have also recently finished their new end-of-journey facilities at 2 West Regent Street to complement their occupier offer, where they are able to offer 16,800 sq ft over two floors.
Additional schemes reaping the rewards of extensive building repositioning projects include 70 Wellington Street (Ediston), Wellington Place, 107 West Regent Street (RJHoldings), Onyx, 215 Bothwell Street (RPG), 300 Bath Street (ESR), St Vincent Plaza, 319 St Vincent Street (Starwood) and 10 Bothwell Street (Standard Real Estate) proving the market has responded to the delivery of high quality office developments providing a range of occupier solutions.
