The woman, believed to be in her 30s, was found by a group of youths who had broken into the derelict factory in Springburn on Wednesday.
The teenagers were left shocked after the grisly discovery at the former J Harley's Rider Training Centre on Cowlairs Road.
Officers were called to the building at around 2.30pm on Wednesday.
It is not known how long the body had lain in the factory.
Detective Inspector Brian Dodd, who is heading the investigation, said: "Checks are being carried out, including looking at missing person reports.
"A post mortem is expected to take place but the death will be treated as suspicious meantime."
The disused site, which includes a car park, was cordoned off after the shock find. Cowlairs Road was closed to its junction with Millarbank Street yesterday.
The street where the factory is leads to a Network Rail maintenance site and is not a through road.
The factory has not been in use for around two years and the area around it is now overgrown, while the entrances are blocked.
One worker employed by a firm nearby said: "Unless you were heading to the rail depot there wouldn't be any reason to head in that direction.
"It is horrible to think that a body has been found there."
Police urged anyone with information to come forward.
Anyone with information should call 0141 532 4116 or contact Crimestoppers anonymously on 0800 555 111.