Glasgow City Centre Office Leasing Hits Record High
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 40 minutes ago
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Should l Buy CSGP?
Source: Newsfilter
- Significant Leasing Growth: According to CoStar data, Glasgow's city centre office leasing reached 230,000 sq. ft. in Q1 2026, marking an 85% quarter-on-quarter increase and a 34% year-on-year rise, indicating a strong market recovery.
- Return of Large Deals: The first quarter saw three lettings exceeding 20,000 sq. ft., surpassing the total for all of 2025, which pushed the average deal size in the city centre to around 6,000 sq. ft., reflecting a resurgence in demand from larger enterprises for office space.
- Stable Leasing Activity: Occupier demand remained stable at approximately 600,000 sq. ft. on a rolling four-quarter basis, up more than a third compared to the average between H2 2022 and H1 2024, demonstrating sustained market activity.
- Vacancy Rate Context: Despite the increase in leasing activity, Glasgow's vacancy rate stands at 12.4%, with the city centre at 15.8%, indicating ongoing supply pressures in the market.
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Analyst Views on CSGP
Wall Street analysts forecast CSGP stock price to rise
13 Analyst Rating
8 Buy
4 Hold
1 Sell
Moderate Buy
Current: 33.200
Low
48.00
Averages
74.92
High
101.00
Current: 33.200
Low
48.00
Averages
74.92
High
101.00
About CSGP
CoStar Group, Inc. is a provider of online real estate marketplaces, information, analytics, and three-dimensional (3D) digital twin technology in the property markets. The Company operates through two segments, which include Commercial Real Estate and Residential Real Estate. Its Commercial Real Estate segment offers commercial real estate information and analytics, online marketplaces, and 3D digital twin technology. Its brands include CoStar and LoopNet. Its CoStar offers subscription-based access to its platform of commercial real estate intelligence. Its LoopNet is a commercial real estate marketing site which enables property owners, landlords, and brokers to advertise properties for sale or lease on a site. Its Residential Real Estate segment hosts marketplaces which aggregate consumer demand for homes to rent or buy and sell marketing and leads to the agents, owners, landlords, and property management companies to reach consumers with offerings.
About the author

Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
- Significant Leasing Growth: According to CoStar data, Glasgow's city centre office leasing reached 230,000 sq. ft. in Q1 2026, marking an 85% quarter-on-quarter increase and a 34% year-on-year rise, indicating a strong market recovery.
- Return of Large Deals: The first quarter saw three lettings exceeding 20,000 sq. ft., surpassing the total for all of 2025, which pushed the average deal size in the city centre to around 6,000 sq. ft., reflecting a resurgence in demand from larger enterprises for office space.
- Stable Leasing Activity: Occupier demand remained stable at approximately 600,000 sq. ft. on a rolling four-quarter basis, up more than a third compared to the average between H2 2022 and H1 2024, demonstrating sustained market activity.
- Vacancy Rate Context: Despite the increase in leasing activity, Glasgow's vacancy rate stands at 12.4%, with the city centre at 15.8%, indicating ongoing supply pressures in the market.
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- National Price Trends: The national median home sale price reached $390,000 in April 2026, reflecting a modest year-over-year increase of 1.7%, indicating a gradual normalization of the housing market despite varying local conditions.
- Inventory Impact: Active listings rose by 6.3% year-over-year, with inventory expansion influencing local market outcomes, while home sales saw a slight increase of 0.6% year-over-year, although affordability constraints continue to pressure sales activity.
- Market Disparities: San Francisco experienced a 7.6% year-over-year increase in home prices, contrasting with a 2.6% decline in San Jose, highlighting significant divergence between neighboring markets as local supply and demand conditions evolve.
- Midwest Market Strength: Median home prices in markets like Cleveland, Kansas City, and Pittsburgh increased by over 7%, demonstrating resilient demand despite rising inventory, suggesting that price growth remains robust in these regions.
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- Economic Recovery: According to CoStar data, the UK economy expanded by 0.6% in Q1 2026, a significant increase from 0.1% in the last quarter of 2025, indicating signs of economic recovery, particularly driven by strong performance in the services sector.
- Construction Sector Rebound: The construction sector grew by 0.4% in March, primarily driven by repair and maintenance activities rather than new projects, suggesting a focus on existing assets that may influence future investment directions.
- Strong Manufacturing Performance: Manufacturing output reached a near four-year high with a PMI of 53.6 in April, indicating ongoing expansion in the manufacturing sector, which further strengthens the overall resilience of the economy.
- Tourism Sector Drag on GDP: Despite overall economic growth, a 6.4% decline in travel agency and tour operator activity was the main drag on GDP, reflecting ongoing challenges faced by the tourism industry.
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- New Investment Moves: Corvex Management initiated positions in CoStar Group (CSGP) and Lionsgate Studios (LION) during Q1 2026, acquiring 850,000 and 1.62 million shares respectively, indicating strong confidence that could enhance their market performance.
- ETF Acquisition: The fund also purchased 5,000 shares of iShares Russell 2000 ETF (IWM), reflecting a bullish outlook on the small-cap market and potential to capitalize on market fluctuations.
- Exit Strategy: On the divestment side, Corvex exited its stake in Oracle (ORCL) by selling 403,000 shares and also reduced its position in Algonquin Power & Utilities (AQN), suggesting a cautious stance that may impact short-term stock performance.
- Increased Stake in Disney: Additionally, Corvex increased its holdings in Disney (DIS) from 1.94 million to 2.16 million shares, demonstrating confidence in the company's long-term growth potential, which could yield greater returns in future markets.
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- Record Investment Volume: According to CoStar data, office investments in the Big Six cities (Birmingham, Bristol, Edinburgh, Glasgow, Leeds, and Manchester) reached £485 million in Q1 2026, marking an eight-year high and slightly exceeding the five-year average, indicating a robust market recovery.
- Manchester Leads Activity: For the second consecutive quarter, Manchester topped investment activity with volumes exceeding £120 million, followed closely by Edinburgh (£113 million) and Bristol (£88 million), with all three cities recording transactions above £50 million, reflecting a strong appetite for high-value deals.
- Attractive Market Conditions: Market analysts noted that lower entry prices, attractive net initial yields, and an undersupply of prime, well-located space have drawn investors, particularly as the market has moved past the worst of its repricing phase before the impact of the Iran war was felt.
- Significant Transaction Example: The largest out-of-town transaction occurred in Solihull, involving a £12.5 million deal for 70,800 square feet at a net initial yield of 11.95%, demonstrating ongoing investor interest in high-yield properties.
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- Trade Desk Downgrade: The stock of Trade Desk fell nearly 7% after HSBC downgraded its rating from hold to reduce and slashed the price target from $31 to $20, indicating about a 13% downside, marking the company's fourth consecutive negative trading day.
- Corning Stock Surge: Corning's shares jumped 10% after Nvidia announced a $3.2 billion investment and a partnership to open three new manufacturing plants, leading to its inclusion in Bank of America's U.S. 1 List, reflecting strong market confidence in its growth prospects.
- Wendy's Rating Cut: JPMorgan downgraded Wendy's from neutral to underweight with a new price target of $6, implying an 18% downside, primarily due to a continued decline in U.S. same-store sales trends and uncertainty about the company's future, resulting in a 6% drop in stock price.
- Circle Internet Group Mixed Results: Circle's stock rose 15% after reporting earnings per share of 21 cents, beating expectations, although its revenue of $694 million fell short of the $722 million forecast, while successfully raising $222 million from various institutions, indicating market confidence in its stablecoin.
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