Liverpool Office Market outperforms all markets with highest office take-up
According to Avison Young’s Big Nine report, Liverpool’s office market outperforms all others, with highest office take-up in Q4.
Q4 2022 saw the highest take-up of office space the city has seen since 2019, totalling 189,601 sq ft, 45% up on 10-year average levels, and ending 2022 as the most active city across the UK’s Big Nine markets. Liverpool’s annual take-up totalled 510,552 sq ft.
This is despite Q3 figures previously being 9% down on Q2 and 12% down on the 10-year quarterly average.
End-of-year deals, including Firesprite’s 54,121 sq ft deal at Duke & Parr, which was the city’s largest of the year, as well as Green Switch Capital at Exchange Station, Wealth at Work at 1 St Paul’s Square, and Direct Line at 5 St Paul’s Square, all contributed to ending the year on a high.
Prime rents were also up 16% at £25.50 per sq ft.
Ian Steele, Principal in Avison Young’s Liverpool office agency team, said:
“Availability is likely to increase over the next 12 months as several occupiers in key city core buildings are due to downsize from their existing space. As workplaces take on hybrid working policies, therequirements for large office space have shifted, focusing instead on quality and ESG credentials, and we predict that more will therefore become available as businesses look to redesign and reconfigure their spaces.
“This year looks set to be another great year for our city, with 140,000 sq ft of refurbished space under construction and due to complete at Martins Bank Building, and a further 109,000 sq ft due to start later in the year at Exchange Station, No1 St Paul’s Square and Princes Dock.”
You can read the full Avison Young Big Nine report HERE.
