CBRE: Liverpool office take up set to exceed 2008 figures

Office take up in Liverpool is expected to exceed 2008 figures by the end of the year, according to CB Richard Ellis.

CBRE's Liverpool Office Market Report stated Merseytravel's commitment to Mann Island, the UK Borders Agency anticipated 200,000 sq ft relocation and a number of outstanding requirements for the likes of Weightmans, Liverpool Football Club, and Mace & Jones solicitors will cause the rise in figures for this year.

A total of 179,200 sq ft has already been transacted in 2009, only 4% down on the same period last year.

The latest market report also states in addition to the Merseytravel deal, twelve others completed in the past six months equating to 34,000 sq ft. The majority of these lettings were at Grade B properties while only 5,200 sq ft were for Grade A space.

Mark Worthington, director of office agency for CBRE in the North West, said: "Although availability is relatively high, the volume of Grade A space is relatively low and supply is instead dominated by lesser quality stock, particularly Grade C. It is expected that the Grade A and good quality Grade B accommodation in the city will gradually be absorbed by natural demand and, with no fresh supply in the pipeline, we will see a marked improvement in rents as demand picks up later in 2010/2011."

CBRE's market report is being published this week.