Following on from an exceptional 2018, Glasgow’s commercial real estate market has enjoyed sustained momentum during the last 12 months or more.

This was particularly true in terms of the total deal count, which nearly doubled the figures from Q1 2018 (while the overall take-up in square footage fell marginally during the same period).

Interestingly, this increased demand reflects the popularity of Glasgow among entrepreneurs, which boasts a number of benefits for start-up firms and SMEs (particularly those in the technology sector).

However, this is also creating increased competition and rising prices, so how can you find affordable office space for rent in Glasgow that also suits your medium and long-term requirements? Let’s find out!

Ask Yourself the Question – Do You Need to Relocate?

If you have a venture that’s already based in Glasgow but have begun to outgrow your existing commercial premises, it’s only natural that you should consider upgrading and relocating to a different office.

However, this may not be a necessary or particularly cost-effective move, particularly when there are expert firms and service providers that can augment and remodel your existing office space to better suit your needs.

Such firms will help to calculate your office’s optimal level of occupancy, for example, before determining whether or not this is suitable for your needs and advising you on how to achieve this where relevant.

If it’s revealed that your existing office isn’t fit for purpose, these service providers can also work with you to create a new and dynamic layout in some instances. 

This may involve reviewing your existing floor plan or introducing partitioning to create individual workspaces, enabling you to get the most from the available space both in the short and medium-term.

Understand the Challenges of Finding Affordable Property in Glasgow

We’ve already touched on how Glasgow’s increasingly competitive property market has sent prices soaring above the 10-year average, with the Scottish city now ranked amongst the top 15 UK locations for commercial growth.

The city’s emphasis on digital transformation has undoubtedly played a key role in driving increased demand, particularly for so-called ‘Grade A’ office spaces throughout Glasgow.

In fact, the vacancy rate for these spaces recently reached an all-time low of 9.9%, and this fundamental lack of supply has also caused prices to soar consistently over time.

These challenges are interconnected and difficult to overcome, and if you do need to relocate to an alternative office space in Glasgow, you’ll have to factor them in to your final decision.

With these points in mind, you can set a budget that’s both manageable and viable in the current market conditions, while targeting specific areas and property types within Glasgow that can deliver a suitable return.

Consider Flexible or Short-term Solutions

In some cases, you may find that while you need to relocate to a new Glasgow premises, you’re unable to commit to a more expensive, long-term lease.

This can be extremely challenging for entrepreneurs, who must strike an extraordinarily delicate balance between scaling their ventures in line with demand and lowering long-term costs as much as possible.

In this instance, you may be better served by seeking out short-term and flexible solutions, including the aforementioned remodelling of an existing office space.

Such options may also include investing in temporary or pop-up spaces on rolling monthly contracts, while smaller ventures that aim to grow organically may also want to consider working from larger shared office facilities.

There are plenty of options in this respect, and it’s important to choose the right one from the perspective of your financial budget and long-term fiscal goals!