HRC Recruitment takes space in One80
One80: further letting announced
HRC Recruitment is moving its Glasgow office to 180 St Vincent Street, the latest letting at the refurbished block.
The firm has taken the 5,160 sq ft eighth floor, following Turcan Connell’s move into the 4,804 sq ft ninth floor in February, and the 5,082 sq ft seventh floor letting to Alexander Sloan in December.
Mark Evans, director of the building’s owner, Northwood, said: “These three lettings have happened in quick succession. We feel confident further lettings will be agreed shortly.”
Ryden and JLL represented Northwood, while Eric Young & Co acted for HRC Recruitment.
Overseas investors buy into Glasgow office market
The deal coincided with a report from JLL stating that international investors ploughed £300m into Glasgow’s office market in 2017, significantly outgunning domestic buyers during the city’s busiest 12 months for office investment since the financial crash.
A total of £461 million was spent across 23 office deals in 2017, Glasgow’s highest volume for investment deals since 2006 when a total of £367m was spent.
Ten of Glasgow’s 23 deals last year involved international buyers, accounting for 65% of 2017’s total volume, showing the prominence of global currency in the largest sales.
In 2016, when £208m was transacted across 14 deals, foreign buyers made up 52% of the total volume. Notably, of the 11 deals transacted in 2006, only one was a led by a European investor, and two Irish Investors with the rest accounted for by UK investors.
In recent years, Glasgow has witnessed a significant increase in interest from investors in Asia, New Zealand, the Middle East, Europe and America. Glasgow’s appeal for international investors is due to a number of factors including reduced competition from UK Institutions, value for money, a weakened pound, and strong local market fundamentals.
Some of last year’s biggest deals included Irish property investment firm Wirefox buying the 100,000 sq ft Capella building on York Street for £43.5 million and American group, Starwood Capital, acquiring 172,307 sq ft office development, St Vincent Plaza, for approximately £75m.
Despite a steady waning in the frequency of domestic investment in Glasgow, 12 of the city’s top 25 office buildings by size, price and quality are still owned by UK Institutional Investors.
In 2016, JLL reported that 93% of investment into Edinburgh offices came from overseas, highlighting the capital’s profile amongst international buyers.