Commonwealth Games Generate Demand For Commercial Property In Glasgow

Despite playing second fiddle to Edinburgh, the City of Glasgow is actually the largest city in Scotland and the fourth most populated city in the UK with over 600,000 residents. In recent years the city has undergone a great deal of regeneration in terms of commercial property UK. In the wake of economic recession, Glasgow has seen a great deal of development in retail and other commercial properties. It is expected that as the economy recovers, the demand for commercial property in Glasgow will increase. There are many businesses within the city who are looking to expand, but who are waiting until the economy is fully recovered.

Glasgow is one of the fastest growing employment markets in the whole of the UK and based on the number of new businesses establishing a presence in the city, the demand for commercial property in Glasgow will be sure to increase even further over the next two to three years. The local government are also helping to boost regeneration projects in various parts of the city by way of a pilot Tax Increment Financing project which aims to fund public sector investments which will help to jump start regeneration in areas where the local authority may otherwise be unable to invest.

Glasgow is also the host of the 2014 Commonwealth Games which has led to a large number of commercial property developments in the city and the surrounding area. These include new hotels, a purpose built National Arena and various other commercial properties. The net economic benefit of hosting the Commonwealth Games is estimated to be around £26 million. A 4 percent increase in tourism is expected during the 3 years following the Commonwealth Games which should generate around £30 million for the City. This will also boost the demand for and the appeal of commercial property in Glasgow.