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Liverpool Office Market Defies Economic Downturn
Source: LIverpool Vision
The fifth annual Liverpool Commercial Office Market Review (2009), produced by Professional Liverpool Property and Liverpool Vision has confirmed the city’s status as one of the largest and most active regional office markets in the UK.
In the 12 months to December 2009, the total city centre take up was 520,000 sq ft - the city centre’s best year ever, despite the recession.
Combining city centre figures with the out-of-town markets, the total for 2009 was 721,000 sq ft, a 33 per cent increase on 2008’s total of 543,000 sq ft.
Two large public sector deals, 140,000 sq ft pre-let to Merseytravel at Mann Island and the UK Border Agency’s decision to take 220,000 sq ft in The Capital were responsible for the significant up-turn.
And the City Fringe and Knowsley office markets proved to be durable with take up falling by only 0.3 per cent in Knowsley and 6.8 per cent in the City Fringe with take up totalling 71,000 sq ft.
Jim Gill, Chief Executive of Liverpool Vision, said: “The figures represent a very good performance in the face of challenging economic conditions.
“Liverpool is still well positioned to resume its growth once the global economic situation recovers, but the private sector is yet to return fully to the market, reflecting the continuing impact of the world financial crisis on occupier confidence.”
Mark Chadwick, Chief Executive of Professional Liverpool agreed: “The headline results are very impressive and confirm that Liverpool is re-establishing itself as a business centre of importance, following falling figures in 2008.
“Last year was a very difficult year for all cities and to record such impressive take up is remarkable.
“It is also a great example of public-private partnership working that is reflected in the popularity of our launch event at the Port of Liverpool building later today, which has already more than 60 leading industry figures attending.”
Despite the resilience of City Fringe and Knowsley office markets as a whole Liverpool’s out-of-town office markets retreated, with take up in the business parks of North and South Liverpool, Wavertree and Knowsley totalling 131,220 sq ft, compared with 222,000 sq ft in the previous year, a dip of 33.3 per cent.
In the difficult economic climate, the Creative, Media and Information Technology sector remained relatively resilient, following an excellent year in 2008. Total take up in the Central Business District in 2009 was 14,500 sq ft, compared with 21,500 recorded in 2008, but still above the 2006 figure of 12,000 sq ft.
Combined with out-of-town and City Fringe markets, this sector registered a 2009 total of 44,000 sq ft.
The recession also affected interest in city centre office space from the Professional and Financial Services sector and in 2009 they accounted for just 15.3 per cent of take up, a total of 79,500 sq ft.
The supply of Grade A city centre office space is shrinking with 178,000 sq ft empty and ready for occupation, down from 222,000 sq ft in 2008.
The supply of office space, ready and available for occupation, in the out-of-town markets of North and South Liverpool, Wavertree and Knowsley has fallen by 5.3 per cent to 720,000 sq ft.
Stuart Keppie, chairman of Professional Liverpool Property added: “It seems the city has rallied after a significant reduction in take-up last year while the Creative, Media and IT sector continues to show underlying growth and the City Fringe and Knowsley markets are performing reasonably well.
“There is cause for quiet optimism going forward and Liverpool remains an attractive business destination.”
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Source: LIverpool Vision
The fifth annual Liverpool Commercial Office Market Review (2009), produced by Professional Liverpool Property and Liverpool Vision has confirmed the city’s status as one of the largest and most active regional office markets in the UK.
In the 12 months to December 2009, the total city centre take up was 520,000 sq ft - the city centre’s best year ever, despite the recession.
Combining city centre figures with the out-of-town markets, the total for 2009 was 721,000 sq ft, a 33 per cent increase on 2008’s total of 543,000 sq ft.
Two large public sector deals, 140,000 sq ft pre-let to Merseytravel at Mann Island and the UK Border Agency’s decision to take 220,000 sq ft in The Capital were responsible for the significant up-turn.
And the City Fringe and Knowsley office markets proved to be durable with take up falling by only 0.3 per cent in Knowsley and 6.8 per cent in the City Fringe with take up totalling 71,000 sq ft.
Jim Gill, Chief Executive of Liverpool Vision, said: “The figures represent a very good performance in the face of challenging economic conditions.
“Liverpool is still well positioned to resume its growth once the global economic situation recovers, but the private sector is yet to return fully to the market, reflecting the continuing impact of the world financial crisis on occupier confidence.”
Mark Chadwick, Chief Executive of Professional Liverpool agreed: “The headline results are very impressive and confirm that Liverpool is re-establishing itself as a business centre of importance, following falling figures in 2008.
“Last year was a very difficult year for all cities and to record such impressive take up is remarkable.
“It is also a great example of public-private partnership working that is reflected in the popularity of our launch event at the Port of Liverpool building later today, which has already more than 60 leading industry figures attending.”
Despite the resilience of City Fringe and Knowsley office markets as a whole Liverpool’s out-of-town office markets retreated, with take up in the business parks of North and South Liverpool, Wavertree and Knowsley totalling 131,220 sq ft, compared with 222,000 sq ft in the previous year, a dip of 33.3 per cent.
In the difficult economic climate, the Creative, Media and Information Technology sector remained relatively resilient, following an excellent year in 2008. Total take up in the Central Business District in 2009 was 14,500 sq ft, compared with 21,500 recorded in 2008, but still above the 2006 figure of 12,000 sq ft.
Combined with out-of-town and City Fringe markets, this sector registered a 2009 total of 44,000 sq ft.
The recession also affected interest in city centre office space from the Professional and Financial Services sector and in 2009 they accounted for just 15.3 per cent of take up, a total of 79,500 sq ft.
The supply of Grade A city centre office space is shrinking with 178,000 sq ft empty and ready for occupation, down from 222,000 sq ft in 2008.
The supply of office space, ready and available for occupation, in the out-of-town markets of North and South Liverpool, Wavertree and Knowsley has fallen by 5.3 per cent to 720,000 sq ft.
Stuart Keppie, chairman of Professional Liverpool Property added: “It seems the city has rallied after a significant reduction in take-up last year while the Creative, Media and IT sector continues to show underlying growth and the City Fringe and Knowsley markets are performing reasonably well.
“There is cause for quiet optimism going forward and Liverpool remains an attractive business destination.”
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