A Scottish property firm has hailed one of its best-ever quarters as it highlighted the changing demands of companies seeking office space.
The SRE Group said it had secured five “significant new lettings” within its Glasgow portfolio, which includes its flagship 10 Bothwell Street, at the start of the year. Reid Mitchell, Loch Lomond Travel, Temporis Capital, Restore Pharma, and MC2, a new property consultancy, are among new tenants at its properties.
The company noted that the demands of firms returning to the city have “evolved”. It is set to introduce a new concept for Glasgow, The Courtyard, in June, and bring further workspaces to market at 75 Bothwell Street, 22-24 Blythswood Square and 19 Waterloo Street in the city.
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It also recently launched Merchant Exchange in Aberdeen city centre following a major refurbishment, where Aurora Energy, Aberdeen Inspired, and HS Beauty have signed up as tenants. Merchant Exchange will complement SRE’s Union Point and Aurora Aberdeen properties in the Granite City.
John Grewar, who manages lettings for the SRE Group, said: “The first quarter of 2024 has been exceptionally busy with five major deals completed within our Glasgow portfolio alone.
“Businesses are returning to city centre space, but their requirements have evolved. They are looking for more bespoke, interesting workspace that they can walk into with everything already installed and ready to go, rather than spending immense amounts of time and money on fitting out. The space has to attract and retain their talent and be comfortable and easily accessible - this is what the SRE Group is getting right.
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“I’m delighted to welcome all five new tenants to the SRE community and as space is now limited within our existing properties, we will continue to develop new and exciting workspaces in the city centre.”
The update from SRE followed a report issued by property research analyst CoStar Group this week which highlighted the appeal of Bothwell Street in Glasgow as an office location to major companies. Accountancy giant PwC, tax and audit specialist RSM, and Scotch whisky distiller Edrington committed to nearly 40,000 square feet of office space on the street in the first quarter. It means 140,000 sq ft of office space has been taken up in the street in the last 12 months, according to CoStar Group.
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