A development near the waterfront in Carrick Street, Glasgow has been approved and should ease the city’s chronic shortage of Grade A offices.
The Carrick Square scheme got the go ahead after the team behind it – Mosaic Architecture & Design and property developer Soller Group – agreed to reduce the towers by three-storeys to 14.
The new structure for phase two will now be the same height as the phase one building.
It will mean a number of commercial buildings and the headquarters of the homelessness charity Glasgow City Mission will be cleared
In line with the recently launched master plan for renewal of the ‘Broomielaw Quarter’, a public plaza linking Brown Street and Carrick Street will be introduced.
Industrial space still in demand
Pressure on supply and strong occupier demand meant that rents in industrial warehouses continued to increase in Scotland by an average of 2.4% last year, according to a report by Colliers.
Despite the headwind pressures on the UK economy, the real estate firm expects rents to continue rising this year, albeit at a slower pace.
Take-up in Scotland for all sizes reached 5.4m sq ft in 2022 and the level of supply equates to a vacancy rate of 3.6%,, down from the five-year average of 4.1%.
Average rents across warehouse sizes and regions increased 2.4% year on year.