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.”
Encouraging, but need to do better!
By Man on bicycle
Given the seriously and serially low figures and the lack of central space now available to accommodate any kind of recovery, as a Liverpudlian, “alive and kicking” seems a bit of an optimistic interpretation to me.
I would describe the situation as the city defying all the odds to remain barely alive, paralysed under ineffectual Northern Powerhouse branded anaesthetic, twitching a big toe in pain as its vital office organs continue to be removed one by one.
By Mike
What a brilliant simile Mike – depressing but true.
By John
Does one deal accounting for 62% of the tally count as a ‘rally’ or is it more of a one off?
One swallow does not a summer make.
By Anonymous
The lack of city centre office space desperately needs to be addressed. There seems to be very little said about this issue from Joe Anderson, which is extremely concerning. We need to see an end of key office buildings converting into apartments in the rapidly shrinking business district. If this trend continues this area will no longer be a desirable location to house businesses and certainly won’t help to attract new businesses to the area, which is key for driving the economy in Liverpool forward.
By H
The Commercial District is moving. Liverpool can attract the best and has done out of town – Paddington – and will do downtown. Joining up Old Hall Street to Liverpool Waters is key and work on that has started!
By Altmouth
Its taken well over 6 years to let Caspian House! I wonder how much of an incentive they had to give away keep the out of town market looking so ‘strong’!
By Former Liverpool