Liverpool offices rally in Q4, reports GVA
Deals in Liverpool’s out-of-town office market hit 55,000 sq ft for the last quarter of 2016, up almost 20% on the five-year average, according to consultancy GVA.
The largest deal by a distance was to call centre operator Kura, which took 34,201 sq ft at Caspian House in Atlantic Park, Sefton.
Liverpool’s city centre market hit 80,000 sq ft in the last quarter of the year, with Armstrong Solicitors accounting for the largest deal, signing for 22,575 sq ft at The Plaza. The five-year average is 87,388 sq ft.
The quarter also saw HMRC confirm India Buildings as its preferred option for a 300,000 sq ft requirement – hopefully a sign that the city’s commercial heartland is still alive and kicking, said GVA director Ian Steele:
“We have seen a trend of buildings in the traditional core being sold and converted for alternative uses during the past couple of years. The city has lost in excess of 1m sq ft of office stock and it’s therefore good to see one of Liverpool’s most iconic buildings being retained for office use.
“Supply levels for good quality space in both the city centre and out of town markets are at critical levels, primarily due to the fact that no new buildings have been developed in either market since 2011 and 2009 respectively.”