Review of the property market for science and technology in Glasgow

The evaluation aimed to assist Scottish Enterprise Glasgow (SEG) understand in more detail the likely market for property from science and technology companies and to provide market intelligence regarding current and likely future demand for land and property in the technology sector.

The methodology consisted of an analysis of data in two distinct areas: the knowledge economy, as defined by the Organisation for Economic Cooperation and Development (OECD); and technology, using the definition as agreed with SEG.

It is found that the largest growth areas in the Knowledge Economy are in computer manufacture, telecommunications and computing services. Glasgow has also shown a significant rise in the manufacture of electronic equipment. The number of companies and employment in Glasgow has grown significantly faster than Scotland as a whole and the West of Scotland as a region. It is suggested however that the data available will be treated with caution as it is already out of date. With regard to education, the Glasgow area is a major provider of both graduates operating in key science disciplines and in research in key technology areas, with over a third of all Scottish technology related graduates and over 40 5 star rated research departments. Based on a number of data sources, it is estimated that an additional 750,000 sq ft of new science and technology accommodation, most of which being new property, will be required over the next five years. It is also estimated that one in five technology companies will locate within a new science park.

It is recommended that any new major investment be thoroughly researched prior to reaching expensive decisions, given the likely scale of future public sector investment. It is also suggested that there is a need to consider the wider Glasgow/West of Scotland science park offering in order for SEG to create a robust technology strategy.