City centre office take up improves with flurry of activity in late 2023
Liverpool city centre’s office market has demonstrated resilience throughout 2023, with a flurry of activity in the latter part of the year, according to a new report.
Liverpool Office Agents Forum (LOAF) says the office take up in the city centre reached a total of 283,799 sq ft in 2023, reflecting the sustained growth and attractiveness of the locality.
Figures show that take up doubled during the second half of the year, demonstrating that confidence returned to the market between July and December 2023.
The final quarter of 2023 saw a number of significant transactions, including the lettings of Federation House (17,500 sq ft) to The LIPA Multi Academy Trust, 5 St Paul’s Square (9,452 sq ft) to Avalanche Studios Group, and 5 St Paul’s Square (8,921 sq ft) to Driscoll Kingston.
Gabriel Davies, of Fisher German, has been elected as the chair of LOAF for 2024. He said: “The heart of Liverpool continues to flourish as a dynamic business hub, showcasing the city’s resilience in the face of a number of market challenges.
“The number of deals surged from 78 in 2022 to 88 in 2023 and the flight to quality has resulted in an increase in headline rents which continue to grow, exemplifying the continued momentum and interest in Liverpool’s city centre office spaces.”
He added: “Landlords have had to undertake proactive asset management initiatives to attract tenants, offering better amenity space, higher quality offices and more services.
“Creative and gaming sectors emerged as notable contributors to the city’s office take up in 2023, emphasising Liverpool’s position as a dynamic and attractive destination for businesses in these fields, building upon a rich heritage in this sector dating back to the 1980s.
“Liverpool’s city centre offices remain a vibrant and resilient choice for businesses seeking prime locations and dynamic environments, and as we move into 2024, continued success in the city’s office space sector is anticipated.”
Liverpool Office Agents Forum is made up of Fisher German, CBRE, Avison Young, Worthington Owen, Mason Owen, Keppie Massie, Mason Partners, Eddisons, Hitchcock Wright & Partners, LM6 and B1 Real Estate.
