Walker House at Exchange Flags, Ashtrom Properties, p Worthington Owen

Wushu Studios' move to Walker House is the biggest of the year so far for Liverpool. Credit: via Worthington Owen

LOAF figures suggest increased appetite for Liverpool office space

Acquisitions in the first part of 2024 have more than doubled in comparison to the same period last year, with the rise of the gaming industry in the city being credited for the upward trend.

Figures released by the Liverpool Office Agents Forum for the first quarter of this year shows 95,905 sq ft of space changed hands across 24 deals. This marks a 132% increase on the 41,171 sq ft of space let across the same period in 2023.

This increase is being attributed to companies within the gaming, creative, and professional sectors alighting on Liverpool as a base, which was perhaps best reflected when game developer Wushu Studios took 13,320 sq ft at Walker House in the biggest move of the quarter.

Gabriel Davies, associate at Fisher German and Chair of LOAF, says the figures have built on the positive signs of last year.

He said: “Q4 2023 ended on a positive note with 116,000 sq ft of offices being transacted. This positive sentiment has continued in the first part of this year and demonstrates that occupiers remain eager to be located in the city.

“Seeing more than 95,000 sq ft of office space transacted in Liverpool is a fantastic result for a first quarter – it’s actually more than was achieved in the first six months of 2023.

“While the games industry has played a key part in an excellent Q1, other creative sectors such as music, and more traditional Liverpool sectors like shipping, have also contributed strongly.”

He added: “Sentric Music took 13,000 sq ft at Walker House, while international shipping firm Hapag Lloyd moved into 8,858 sq ft of space at No 1 St Paul’s Square.

“We’re hopeful that this performance continues into 2024 as more occupiers value having high- quality office space in prime locations.”

Mark Worthington, of commercial property consultancy Worthington Owen, added: “We have had a good run for the past six months and it is particularly pleasing to see the growing importance of knowledge-based companies in driving demand.

“We anticipate take-up for 2024 to be solid but not spectacular and the primary obstacle going forward is the lack of investment in new office space within the business area.”

LOAF comprises of Fisher German, CBRE, Avison Young, Worthington Owen, Mason Owen, Keppie Massie, Mason Partners, Eddisons, Hitchcock Wright & Partners, LM6, SK Real Estate, and B1 Real Estate.

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Something to build on , just a pity that the Martin’s Bank Building refurb is stalled.
Still no sign of Pall Mall which in itself can kick start the hotel project on the same site. We need some shiny new offices in the Baltic too, nothing mega but something to show the area is still vibrant, maybe TJ Morris could test the water here. Finally if the Littlewoods Film Studios get up and running that could also increase demand for office space in the city centre.

By Anonymous

Where is Pall Mall? Liverpool was promised this and it will kickstart so much commercially. There are operators keen to enquire but delays within local authority seems to halt progress.

By Anonymous

Pall Mall could have been somewhere offered to Central Government for some Civil Service jobs, but I see the Government is going to place thousands of CS jobs in Mcr in an as yet inbuilt 800,000 sq ft of offices.
While Liverpool dithers Mcr grabs these opportunities.

By Anonymous

Same as the other two comments, where is the new pall mall offices . Other councils in the north underwrite the buildings till they reach 50% occupied

By George

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