Colliers International - Appointment - Glasgow, Scotland

Date: 03 Sep 2010

Colliers boosts investment team in Scotland.

Colliers International has boosted its investment team in Scotland with the appointment of Tom Fulton as associate director. Joining from CB Richard Ellis, Fulton has extensive transactional experience across a number of high-value portfolio and individual property deals and will be responsible for providing office and industrial investment advice to institutional investors, property companies and private individuals.

Tom Fulton, commenting on the outlook for Glasgow's offices investment sector, said: "Market conditions have been more positive since the turn of the year, with both transactional levels and pricing improved on the previous two years, although market sentiment suggests that investor demand has begun to cool over the holiday season and pricing looks to be stabilising.

The full extent to which the cost saving measures being introduced by the government in the recent emergency budget may have on the recovery of the property market remain to be seen.

Wide scale budget cuts and tax increases could see the recent trend of improving capital values reaching a plateau and rental growth prospects diminishing as occupier demand levels fall back further, particularly from the public sector where stringent restrictions have now been placed on departments wishing to acquire new space or extend current leases.

"Glasgow may, however, be better placed than most to weather the storm. The city has a diverse occupier base, including a strong financial services sector and while demand levels continue to lag on the boom years, there is a limited development pipeline of quality accommodation.

Indeed, there is currently only circa 550,000 sq ft of new Grade A space available, which equates to approximately one average years take-up. With no new developments forecast until late 2013, at the earliest, rental levels are expected to hold strong in the city."

Dermit Smith, Director, National Investment of Colliers International in Scotland said: "Tom brings a valuable market perspective and his appointment reaffirms our commitment to enhance the reach and depth of our team in Scotland."

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