Glasgow’s headline office rent could reach a record £45 per sq ft by the end of 2026, according to commercial property consultancy Knight Frank.
The forecast is around 8.4% above the current £41.50 per sq ft, which has remained unchanged since 2025.
Transactions during the first half of the year helped cut Glasgow’s Grade A vacancy rate from 6.4% to 4%, a decline of 2.4%, as occupiers favoured “best-in-class” premises over more widely available Grade B options, Knight Frank reported.
Simon Capaldi, office agency partner at Knight Frank Glasgow, said several large deals had contributed to the total, but changing occupier expectations were the more important trend.
He said: “What is really driving the market beneath that is the shift in what occupiers expect.
“Fully-fitted, immediately occupiable space now accounts for a significant share of activity, helping businesses reduce upfront capital expenditure, speed up decision-making, and streamline the entire occupation process.”
These premises accounted for around half of transactions completed so far in 2026, the consultancy said.
City-centre leasing totalled almost 292,000 sq ft between January and June, its strongest first-half performance since 2018.
The second quarter accounted for 161,703 sq ft of leasing, up nearly 25% from 129,778 sq ft during the first three months of the year.
Capaldi said: “The recent downward trend in Grade A vacancy is encouraging and points to improving fundamentals in Glasgow, with leasing activity continuing to outpace the delivery of new stock.
“With limited new developments in the pipeline, existing vacant space will need to be refurbished, repositioned or repurposed to meet current and future demand.
“All things being equal, pressure on supply only looks set to intensify, and landlords who invest now will be best placed to capitalise on that trend.”