Liverpool office rents among world’s fastest risers

Liverpool had one of the 20 fastest growing office rents in the world during the past 12 months, according to CB Richard Ellis.

CBRE's Global Markets Rents survey placed Liverpool in twelfth place with 30% growth in gross rent to £32.50/sq ft in May 2008 compared to the same month last year.

The figure includes not only the headline rent but also occupational costs such as management, property taxes and basic ongoing maintenance. Net rents in the city rose 10% over the same period from £20/sq ft to £22/sq ft.

Manchester, by comparison, has a gross rent of £44/sq ft, up by 1.1%, and an unchanged net rent of £28.50/sq ft.

Manchester boasts the 21st most expensive office market in the world according to the report, with Liverpool in 44th place.

London's West End, Moscow and Tokyo were the most expensive, in that order, while the fastest growing were Ho Chi Minh City in Vietnam, with a 94.4% annual increase, followed by Moscow, 92.7%, and Singapore, 86%.

Chris Hennessy, director of office agency at CBRE Liverpool, commented: "These findings show that Liverpool is finally taking its place as one of the most desirable business destinations in the UK and that regeneration is bearing fruit.

"Recent development and refurbishment of landmark buildings means businesses relocating to Liverpool have a wealth of quality space available. A healthy level of demand has also helped to buoy rent in the city amid challenging times for the property market at a national level.

He concluded: "After many years in the shadow of other cities regionally and nationally, it is great to see Liverpool growing in confidence and taking its place on the international stage, both culturally and economically."

To download a copy of the report visit the Resource Library.

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