New Figures Underline Resillience of Liverpool Commercial Property

Liverpool Vision’s commercial office market review reveals encouraging signs in 2010

Article posted: 02 Mar 2011

Liverpool Vision, the city’s economic development company, last week published figures which confirm the resilience of commercial development and lettings in the city. The latest issue of Liverpool Development Update and Liverpool Commercial Office Market Review identify £248m of projects completed and take up commercial space of 393,441 sq ft in 2010.

Construction activity in 2010 was also resilient with residential, hotel, commercial office, retail and leisure all under construction, as well as developments by the two principal universities. While not returning to the boom time of 2007/8, the market remains buoyant and is exceeding its pre-recession levels of activity.

Stuart Keppie, Chairman of Professional Liverpool’s Property Group, said of the office space market in Liverpool: “In spite of the on-going challenging economic circumstances there were encouraging signs for Liverpool’s office market in 2010.

“Take up in the city centre revealed an increase in the overall number of transactions and a more robust indigenous market than 2009. Clearly the market has not seen the larger lettings which were so dominant in 2009 and there were very few public sector transactions.

“The overall supply of Grade A and Grade B office accommodation remains high in the city but there was a reduction in available supply of Grade A space in the out of town markets of Merseyside with little new space becoming available.”

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Posted by Anna