Multiple buildings containing office space in Glasgow, Scotland
The International Financial Services District (IFSD) (Scottish Gaelic: Sgìre Seirbheisean Ionmhais Eadar-nàiseanta) began being marketed and developed in succession to the Broomielaw Project pioneered by the Scottish Development Agency in the late 1980s. A public-privatefinancial district in Glasgow, Scotland; attracting inward investment for leading international financial services companies and a re-location option for existing Glasgow-based companies, seeking to expand their operations.
Scottish Government, Scottish Development International, Skills Development Scotland, Glasgow Chamber of Commerce, Glasgow Economic Leadership, BT and numerous, financial institutions, property developers and investors
The district is over 3 million sq ft of office space which has been developed at the district since the start of the project in 2001.[2] Nicknamed "Wall Street on the Clyde", it ranked in the top 40 of international financial districts, ahead of cities including Brussels, Madrid, Helsinki, Milan and Dublin.[3] Today, it is a major hub in Glasgow for international business, as well as a major contributor to the Economy of Scotland. Notable tenants include Morgan Stanley, JPMorgan Chase and Barclays.[4]
The separate marketing of the area has now ended, in 2023, and city promotion is part of InvestGlasgow.[5] headquartered in Glasgow City Council.
History
The long-term decline of the old harbour area of Glasgow and streets off Broomielaw left largely-vacated premises and former bonded warehouses now loosely connected to Glasgow's traditional core business district centred on Blythswood Hill at the western end of the city centre.[6]
Planning led by Scottish Enterprise, as successors to the Scottish Development Agency, and Glasgow City Council has helped create space for 28,000 employees, this measure being recognised as vital to the city's economic fortunes. In order to develop a fully serviced financial services district and its long term potential, significant investment was granted in order to create the "right environment".[7]
Definition
No official boundary of the IFSD exists; originally it referred to the approximately 1 square kilometre area of the city centre bounded by the M8 motorway to the west, the River Clyde the south, Hope Street to the east, and Bothwell Street to the north - also parts of Blythswood Hill, and the south eastern fringe of Anderston. This has given rise to the area's nicknames in the popular press: the Square Kilometre (in reference to the "square mile" of the City of London), and more the popular and widely used Wall Street On Clyde.[8]
As originally anticipated, the district extended onto the south bank of the Clyde following the regeneration of Bridge Wharf and construction of the Buchanan Wharf complex in Tradeston.
The IFSD is connected with two Glasgow Subway stations. The Glasgow Subway the world's third oldest underground metro railway in the world. The two stations that cover the IFSD are:
The Tradeston Bridge, completed in 2009, allows access by foot or bicycle over the Clyde between the IFSD and the Tradeston district, a feature which was previously lacking from the area requiring pedestrians to make an 800 metres (875yd) detour via the George V Bridge to reach the same point.
References
Glasgow IFSD (2010) Glasgow International Financial Services District, Leaflet.