Office take up breaks 100,000sq ft threshold

QUARTERLY office take up in Liverpool has exceeded 100,000sq ft for the first time in two years.  

Bilfinger GVA’s Big Nine report into regional office occupier trends revealed Liverpool saw strong activity in Q3 with take-up 48% above the five-year average.

Deals include the first pre-let in excess of 30,000sq ft since 2010 at The Department where NHS Liverpool CCG has taken space – also marking the city’s largest office letting of 2015 to date.

Bilfinger GVA Liverpool director Ian Steele said: “Q3 take-up exceeded 100,000 sq ft which also included the three largest deals of the year so far.

“In addition to the pre-let at The Department, Carpenter’s Solicitors committed to 19,000sq ft at No 1 Tithebarn and Mann Island Finance took 11,000sq ft at No 5 St Paul’s Square.

“Despite a relatively slow first half of the year in terms of take-up, we are anticipating a strong last quarter given the number of deals currently going through legals which could see take-up exceed 100,000sq ft for the second consecutive quarter.

“Occupier demand remains fairly strong but the biggest challenge  the market is likely to face during the course of the next 12-18 months will be the lack of Grade A stock, given that there is less than 12 months of existing supply and very little speculatively refurbished and no new space due to be delivered into the market.”