By Jonathan McManus, Commercial Property Partner at DM Hall, Glasgow:
The first three months of 2026 have demonstrated that while the commercial property market in the west of Scotland may not be soaring, it is certainly progressing steadily. For those prepared to engage thoughtfully, it continues to offer a compelling and diverse range of opportunities.
While it would be misleading to describe current conditions as buoyant, recent transactional activity at DM Hall points to a market that is functioning, adapting and, in some respects, quietly resilient.
During Q1 2026, DM Hall’s Glasgow commercial property team completed thirty purchase and sale transactions. That equates to roughly one deal every three days, a level of activity that reflects steady engagement from both buyers and sellers despite wider economic headwinds.
This performance should be viewed in context. The market is not accelerating sharply, largely due to the persistent influence of interest rates. Lending costs continue to shape investor decision-making, tempering exuberance and placing greater emphasis on fundamentals.
What we are seeing instead is a pragmatic market where participants are responding rationally to changing conditions.
One notable trend is the growing willingness of owners to bring property to market. For some sellers, the capital value achievable through a sale is proving more attractive than holding an asset for long-term rental income.
In an environment where yields are under pressure and future interest rate movements remain uncertain, crystallising value now is a compelling proposition.
At the same time, there is a relative shortage of properties being offered for sale. This tightening of supply, set against consistent demand from purchasers, has contributed to the number of successful deals recorded in Q1.
Investors remain active, but they are selective, competing for assets that meet clearly defined criteria around location, covenant strength and pricing.
The west of Scotland continues to benefit from a value proposition that is attractive in a UK-wide context. Compared to much of the south of England, commercial properties in the region are still viewed as good value, and this disparity is helping to sustain investor interest.
Both local and external buyers are recognising opportunities where pricing better reflects underlying occupational markets and long-term growth potential.
The range of transactions completed during the first quarter illustrates the diversity of the commercial property landscape across the region. Deal values ranged from as low as sub £100k to just under £2 million, spanning a wide variety of locations, asset types and investment profiles.
What is clear, however, is that transaction activity remains underpinned by realistic pricing and informed expectations on both sides of the table.
Looking ahead, the market is expected to remain cautious but active. Interest rates will continue to shape behaviour, but the fundamentals of supply and demand, allied to Scotland’s comparative value, suggest that opportunities will persist.