Why Glasgow’s Commercial Property Market Is Set To Bounce Back
Although it would be easier to make a list of the sectors that the Coronavirus pandemic hasn’t had an incalculable impact on, there’s no denying that the commercial property market has been rocked by the events of the last twelve months and Glasgow has been no exception.
As the UK went into a string of lockdowns and most of us were instructed to work from home wherever possible, offices were left empty, high street stores were shuttered and warehouses were refitted and redesigned to allow for social distancing and the implementation of other health and safety measures. We have all been waiting patiently for the best advice from our government and health officials, we have worked with our colleagues and employees to find the most efficient ways to work from home, and we have watched every development carefully, both good and bad.
Now, as we look ahead to spring and beyond, it’s time for a little cautious optimism. We are starting to see some good news come in thanks to our adherence to lockdown laws and the rolling out of vaccines across the country. Things seem to be getting better, so what does this mean for the commercial property market going forward, particularly where office space is involved? Well, let’s start by taking a look at what’s been happening over the past year.
Looking Back At A Tough Year
As you might expect, the commercial property market certainly took a knock thanks to the impact of the Coronavirus pandemic. We all remember how those first couple of months, in which many of us felt like this was something that might be tackled reasonably quickly, gave way to months of what felt like endless uncertainty. Businesses both big and small were forced to make some incredibly tough decisions when it came to staying afloat, and we all read the stories of closures, redundancies and endless furlough schemes. In a situation as uncertain and unforgiving as this, it makes perfect sense that the commercial property market would face its own challenges.
Naturally, some business owners have had to face tough choices about whether or not they can afford a return to the office. A survey conducted in November of last year showed that only 24% of respondents expected that there would be no changes to their business after the pandemic, while 46% said they would be planning to work from home more in future. None of these results are particularly unexpected given everything that we’ve been through during this pandemic, but what’s changed since November might just surprise you.
Where The Opportunities Are
If 2020 felt like an endless sea of doom and gloom, there have already been plenty of encouraging signs for business owners as we set out in 2021. We’re not just talking about the vaccine, we’re talking about the fact that business will always continue, even if it’s not quite business as usual. For one thing, businesses will always need office space. We have managed to work from home, but have we actually managed to flourish? There’s no denying the way in which the removal of distance between our work and relaxation space has affected our mental health, and it seems like there’s a new report coming out every day about how people are ready for working from home to go back to being a semi-regular occurrence.
Meanwhile, despite having taken a series of knocks over the past twelve months, there have been persistent signs pointing towards the commercial property market in Glasgow rebounding. Even as the market took a downward turn in 2020, there was plenty of chatter about how the outlook for 2021 is considerably brighter. Why? Because Glasgow isn’t just a desirable destination for British businesses. Overseas investors continue to be drawn to the city for business sites across a range of sectors, and offices are a big part of that.
What’s more, Glasgow continues to be one of the most competitive commercial property markets because there is a limited supply of Grade A office spaces in the city. The demand for commercial property in Glasgow will undoubtedly resume and the competition will be no less fierce. Amos Beech has broken down all the reasons why the city continues to be one of the most sought-after locations for office space, and they can help your business find the perfect match with a solutions programme that factors in everything from specific needs and timeframes to location and acoustics.
What Will Commercial Property Look Like In The Coming Year?
One of the main questions for businesses planning a return to offices in the coming months, however, is: how can you adapt? It seems fair to assume that, even with offices and other business spaces reopening, a wholesale recommencement of business as usual is still a little way down the line. You’re going to need to consider what you can do with the space to make sure that it’s as safe as possible for anyone coming to use it, without sacrificing what makes it a positive and productive working environment. If you’re planning on moving to a new office, you’re going to think about how much space you’re going to need and where you want to be on top of all those concerns about aesthetics and health and safety. The pandemic has added a whole new layer of questions and hurdles when it comes to setting up your office space, in addition to where you want your break room to be and if the desks are getting enough natural light.
However, one of the most interesting subjects when it comes to commercial property in Glasgow isn’t COVID-19 related. As we continue to be more and more aware of our impact on the environment, we are all taking greater steps to take personal responsibility. And for businesses investing in commercial property and office space, it is important that they set an example by making their property as green as possible. For example, back in February FORE partnerships announced that its new development the Cadworks building in Glasgow’s city centre will be using anti-viral paint that acts as a natural air purifier. This Airlite paint is all natural, anti-bacterial and self-cleaning, and it will improve the quality of the air inside. It will be the first building in Scotland to use this paint. We can definitely expect to see many more of these trail-blazing environmental efforts in the months to come.