Liverpool records 284,000 sq ft office take-up in 2023
A flurry of city centre deals in the final quarter of the year provided a boost to the city’s sluggish office market, according to Liverpool Office Agents Forum.
Notable transactions during 2023 included 17,500 sq ft at Federation House to the LIPA Multi-Academy Trust, Avalanche Studios’ 9,500 sq ft deal at No5 St Paul’s Square, and Driscoll Kingston’s 9,000 sq ft lease within the same building.
In Q3, BT signed a renewed lease at Bruntwood’s Plaza. BT is subletting 36,000 sq ft from Weightmans, taking over the lease from Instant Group.
A busy second half of the year saw take-up double compared to the first six months of 2023, demonstrating that confidence returned to the market between July and December, according to LOAF.
Overall take-up in the city centre remained consistent year-on-year. 284,000 sq ft record in 2023 was down just 6,000 sq ft compared to 2022.
Gabriel Davies, senior surveyor at Fisher German and chair of LOAF for 2024 said the 2023 figures “showcase the city’s resilience” amid economic uncertainty.
“The number of deals surged from 78 in 2022 to 88 in 2023 and the flight to quality has resulted in an increase in headline rents, which continue to grow, exemplifying the continued momentum and interest in Liverpool’s city centre office spaces.”
He added: “Liverpool’s city centre offices remain a vibrant and resilient choice for businesses seeking prime locations and dynamic environments, and as we move into 2024, continued success in the city’s office space sector is anticipated.”
Liverpool continues to suffer from constrained supply of office space. Several large schemes have planning approval but have been unable to secure a pre-let. The only significant spec office scheme currently under construction in Liverpool is Kinrise’s Martins Bank Building refurb.
Liverpool Office Agents Forum is made up 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.
Again, like the Manchester figures announced recently that’s not a bad result considering the market right now.
By Cal smate
This is glorious new’s! I hope they will build more Liverpool office’s so there are more good jobs for our youngsters
By Mary Woolley
Are they able to report upon what the remaining supplier is please, that’s as important if we are to see some serious traction with rents?
By Interested
Good news .., but where is pal mall !
By George
We needed the word ‘sluggish’ slipping in….right
By Ben
Sluggish? Of course it has been sluggish, no commenter no matter how blinkered could describe the office market in this city over the years as anything else. This may be an improvement but sluggish is the kindest adjective I’d have used.
By Usain Bolton