Latest economic review shows IFSD booming
- 13,100 jobs committed to the District
- £750m invested since 2001
- 1million square ft of Grade "A" space completed
Independent economic data reveals that Glasgow's International
Financial Services District (IFSD) is well on course to deliver its
target of attracting 20,000 jobs to the area and creating two
million square feet of grade "A" office accommodation by 2011.
A review, carried out by EKOS for Scottish Enterprise Glasgow,
was unveiled at a reception at Glasgow City Chambers last night (1
February) marking the halfway point in the ten year project.
In front of an invited audience of 300 representatives from
Scotland's financial, property and investment community, City
Council Leader Steven Purcell spoke of the central role that the
IFSD plays in the economic regeneration of Glasgow and held it up
as an example of public and private sector partnership working.
Since its launch in 2001 property development within the area
- 1,000,000 sq ft of new Grade A office accommodation, with a
further 162,000 sq ft expected to be completed this year;
- 65,000 sq ft of retail floorspace created or significantly
- 36,000 sq ft of leisure accommodation created - bars, clubs and
- 500 residential units developed and a further 400 planned.
Through the efforts of the partners and in particular Scottish
Development International and Glasgow's Business Location Service
to attract financial services inward investment to Scotland, in the
past year some of the biggest names in finance have moved into the
IFSD including First Data and ACE Insurance. They join household
names like Barclays Wealth, JP Morgan and Morgan Stanley, who have
all increased the size of their original operations since moving
As well as its success as a business location, the IFSD is
fast-becoming a thriving community with 32 leisure and retail
companies moving into the district, creating 1,100 new jobs.
The pace of development within the IFSD shows no signs of
slowing down with work on almost 650,000 sq ft of accommodation
already underway or about to start at eight separate sites within
Co-host at the City Chambers event, Stuart Patrick, Operations
Director at Scottish Enterprise Glasgow said:
"Thanks to the success of the IFSD, Glasgow is now firmly on the
map as one of the UK's leading financial services locations. Jobs
growth in Glasgow over the past ten years has outstripped all our
competitor cities around the country over the past few years and
the IFSD has been a key driver of this growth.
"The quality of the city's environment combined with our highly
skilled workforce is proving an irresistible lure for some of the
world's leading financial service companies. To have moved over
13,000 jobs into the district in just five years is a remarkable
achievement, especially when you consider the difficult conditions
the district had in the early part if its life. We look forward to
continuing our support for the development of the IFSD as the
city's business district."
Steven Purcell, Leader of Glasgow City Council underlined the
important contribution of the IFSD to the city's regeneration, he
"The IFSD is playing an integral role in Glasgow's economic
renaissance. I am delighted that this review validates what
our people see every day, a growing financial community within the
city centre that is creating wealth and bringing quality jobs to
the city. The next five years will see further investment and
regeneration within the District to make our vision a reality."
For further information please contact:
David Budge, Budge PR on 0141 553 1115 or 07831 156 333
Notes to Editors
- The International Financial Service District in Glasgow is a
collaboration led by Scottish Enterprise and Glasgow City
- The IFSD is a ten year project which aims to deliver over 2
million sq.ft of new office space, 20,000 new jobs and a highly
trained, flexible workforce through skills initiatives.
- The 13,100 jobs total is made up of jobs already created and
jobs recently announced.
- The IFSD was named the "Best Commercial-led Regeneration
Project in the UK" by the Regeneration Awards 2005.
- Website http://www.ifsdglasgow.co.uk/