Liverpool
Key stats
TOTAL TAKE-UP IN QUARTER (SQ FT)
-68% CHANGE ON LAST QUARTER
VACANCY RATE
-39BPS CHANGE ON LAST QUARTER
PRIME RENT PER SQ FT
2% QUARTERLY GROWTH
TAKE-UP (SQ FT)
Source: Avison Young
Liverpool take-up was driven by the city centre market in Q1 2025, with no significant deals recorded in the OOT market. Take-up reached 35,194 sq ft, 68% down on Q4 2024 and 73% below the 10-year quarterly average. No deals above 25,000 sq ft were recorded, contributing to a subdued quarter.
IT company Kyndryl’s 15,400 sq ft letting at the Royal Liver Building was the largest of the quarter and contributed to the TMT & Creative sector driving demand.
The vacancy rate fell to 6.4% in Q1, down from 6.8% in Q4 2024. With no space currently under construction in the city, Grade A vacancy stands at just 0.6%. This continues to place pressure on prime rents with Liverpool city centre experiencing q-o-q rental growth of 2% to £29.50 per sq ft. Rent frees remain at 21 months with compression expected this year.
NOTABLE DEALS
Source: Avison Young
TAKE-UP BY SECTOR
Source: Avison Young
ANNUAL TAKE-UP (SQ FT)
Source: Avison Young
AVAILABILITY (SQ FT)
Source: Avison Young/CoStar
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young/PMA, Glenigan
This report has been prepared by Avison Young for general information purposes only. Whilst Avison Young endeavours to ensure that the information in this report is correct it does not warrant completeness or accuracy. You should not rely on it without seeking professional advice. Avison Young assumes no responsibility for errors or omissions in this publication or other documents which are referenced by or linked to this report. To the maximum extent permitted by law and without limitation Avison Young excludes all representations, warranties and conditions relating to this report and the use of this report. All intellectual property rights are reserved and prior written permission is required from Avison Young to reproduce material contained in this report.