From Insider (blocked by Reporting Scotland?) today:
‘Glasgow’s city centre office market has experienced its best ever half year performance and is on track for a record year, according to property advisors. In the first six months of 2018, almost 583,000 square feet of office space was let, with 51 deals completed. Take-up has already surpassed the 10-year annual average of 492,335 sq ft and achieved 93 per cent of total take-up recorded last year at the half way mark. 2018 is set to be a record-breaking year for take-up.’
Now, if I read the last bit correctly, it means that take-up of office space in Glasgow, in the first half of 2018, was nearly the same as for the whole year in 2017. So, the increase in demand is running at around 100%!
This is a clear indicator of robust health in the economy. Businesses expand their use of office space only if they need to, because they have more staff and they have more staff because they have more business. I’ve said before, this and other indicators, such as falling unemployment, increased starting salaries or even increased house prices, are stronger evidence of a healthy economy than GDP. See these earlier examples:
Only in Scotland! ‘A review of small country’s approaches to public policy reform in response to economic, demographic and other pressures found that only in Scotland could this ‘golden thread’ be so clearly discerned’
For a reminder of the limitations of GDP figures see:
However, it’s also worth remembering that even our GDP figures are better than those in the non-Scottish parts of the UK: