Economic review shows IFSD booming

02 Jan 2007

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 has included:

  • 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 refurbished;
  • 36,000 sq ft of leisure accommodation created - bars, clubs and restaurants;
  • 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 in.

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 the district.

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 said:

"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 Council.
  • 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/
  • View from the south bank of the IFSD on the Broomielaw