After the recession period, the biggest challenge that the city of Glasgow faced and even currently does is the restoration of the much needed confidence in the property market. To its credit the retail and commercial development of the city had already started gaining momentum just before the recession period, meaning that the city is now all set for a rebound.
With the onset of demand for expansion in the city, the situation is likely to directly translate into high demand for commercial and retail space. There are also the cautionary investors who were holding on to resources awaiting the full recovery of the economy and they are bound to impact positively on the fortunes of Glasgow city.
The council authorities will also have to be on an overdrive mode in developing new and innovative ways of marketing land for development by using for example the new financial instruments; Tax increment financing in order to minimize the risk attributed to development expenditure.
Glasgow city has experienced an amazing hyperactivity in the commercial property in Glasgow and these include the coming into the picture of Tesco as well as the expansion of Ensure and Fortis companies in addition to a number of legal firms raising the stakes in demand for office space.
The employment figures are also looking up, elevating Glasgow city as the fastest growing employment region in the UK. In addition to this there are numerous business projects in the works which will translate into more demand for office space in few years to come. This will also mean that developers of commercial property UK will have no choice but to roll up their sleeves in bringing up new projects. The private sector and the council authorities have got to engage in a strategic manner to foster Glasgow commercial property market development.
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