However, alongside these established industries, new and emerging sectors are reshaping the city’s identity, driving innovation, and enhancing its reputation as a hub for creativity and technology. Collectively, these growth areas will help drive demand for office space in the future.

New and emerging sectors

These new sectors include health-tech, precision medicine, net-zero/climate technologies, space, fintech, advanced manufacturing, and the digital and creative economy.

Central to facilitating this growth is infrastructure like the Glasgow City Innovation District (GCID), designed to encourage collaboration between businesses, universities, and research institutions. More than just a collection of office spaces, the GCID fosters creativity and cross-sector innovation, playing a critical role in nurturing the city’s rapid development.

This dynamic environment is particularly evident in the life sciences sector, where world-class institutions such as the Queen Elizabeth University Hospital and the University of Glasgow, supported by the Glasgow Riverside Innovation District (GRID), drive advancements in precision medicine and clinical research. 

The collaborative spaces that emerge from these partnerships - where academia, the NHS, and private firms converge - are essential for pushing healthcare innovations forward. With the life sciences sector estimated to generate over £1.2 billion in annual turnover, the impact of these state-of-the-art facilities on Glasgow’s economic landscape is substantial.

Reinvigorating Glasgow’s history 

Engineering, too, has long been a cornerstone of Glasgow's economy, rooted in its historic shipbuilding and manufacturing industries. Although traditional manufacturing jobs have declined, the engineering sector has diversified, focusing on advanced manufacturing and high-tech solutions. Today, firms in aerospace, renewable energy, and precision engineering make significant contributions to the local economy. The GCID again emerges as a central force here, fostering collaboration between engineering firms and research institutions, solidifying Glasgow’s place in the global engineering landscape.

Out of this world opportunities 

Another key area of growth is the space sector, where Glasgow has established itself as a leader in satellite manufacturing, producing more satellites than any other city in Europe. Companies like Spire Global and AAC Clyde Space are at the forefront of this industry, focusing on nanosatellite technology and data services. The cutting-edge laboratories and manufacturing facilities where these companies operate are critical in positioning Glasgow as a global player in space.

Getting creative

Glasgow's creative industries have also become a vibrant force driving economic growth. The city has seen a growing number of start-ups and digital media companies establishing a presence, significantly impacting employment and economic output. Glasgow’s physical infrastructure - from modern co-working spaces to historic institutions like the Glasgow School of Art - is crucial in nurturing this creative energy. These buildings serve not only as workplaces but also as cultural hubs where ideas are exchanged and new talent is developed. According to Creative Scotland, the creative industries in Glasgow employ over 60,000 people and contribute approximately £2 billion to the local economy annually.

Overall, Glasgow's economic landscape is characterised by a blend of traditional sectors that provide stability and emerging industries that drive innovation. The importance of physical infrastructure - whether historical landmarks or modern innovation hubs - cannot be overstated in this transformation. 

To fully build on this potential, it is crucial to create the right ecosystems and develop new spaces that foster collaboration, creativity, and innovation. By prioritising the cultivation of supportive environments for emerging sectors, Glasgow can solidify its position as a leading centre for creativity and technological advancement, ensuring a prosperous and sustainable future for its economy.

Further information

Contact Clare Bailey

Market in Minutes: Glasgow Occupational Office Data Q3 2024