Major Glasgow riverside office development begins search for first occupier

A Glasgow office building able to cater for 1,200 workers once completed in 2020 has begun the search for its first occupier, appointing three commercial property firms to manage the process.

Currently under construction, Atlantic Square is a major mixed-use development in the heart of Glasgow’s International Financial Services District (IFSD).

Once completed it will provide 284,000 sq ft of new Grade A office space in two self-contained buildings being developed by BAM TCP Atlantic Square Limited, a joint venture between BAM Properties Limited and TCP Developments limited.

JLL, CBRE and Ryden have been tasked with finding an occupier for Building 2 – a 96,649 sq ft building arranged over ground and six upper floors with the basement providing state of the art cycling and changing facilities together with car parking spaces. The building is accessed from York Street while the car park entrance is via James Watt Street.

Building 1, a ten storey building extending to 187,400 sq ft has already been let to HMRC and was forward sold to Legal & General in 2018.

The buildings have been designed by concept architects Cooper Cromar with further detailed design by BAM Design and the scheme is being built by BAM Construction.

Mark Broderick, Development Director – Scotland, BAM Properties Ltd, said: “We’re delighted to take our vision for Atlantic Square out to the occupier market and begin the search for the first tenant for 2 Atlantic Square. Given the strength of Glasgow’s occupier market and the severe shortage of new build office space in the city we expect there to be strong interest in this development from across the UK.”

2 Atlantic Square is the only speculative new Grade A build scheme on site in Glasgow which will complete in 2020. Due to the lack of Grade A supply, rents grew across the city centre last year according to JLL, a trend which is set to continue this year.

2018 was a record breaking year for Glasgow’s market, which surpassed 1 million sq ft for the first time ever, thanks in part to major deals involving Barclays and the Government Property Unit. JLL say that despite lower comparative take up in 2019 so far, there are positive levels of stock under offer and strong occupier interest should see Q2 returning a healthy take up figure.