Liverpool
Take-up
TOTAL TAKE-UP IN QUARTER (SQ FT)
CHANGE ON LAST QUARTER
CHANGE ON 10 YR QUARTERLY AVG
TAKE-UP (SQ FT)
Source: Avison Young
Q2 take-up totalled 36,982 sq ft, 66% below the 10-year Q2 average.
City centre take-up was weaker in Q2 at 60% below the long-term average, whereas out-of-town take-up was 75% below.
Key deals of the quarter included:
- Bespoke’s 5,187 sq ft lease at Exchange Station;
- Moore & Smalley’s 4,133 sq ft lease at Exchange Station;
- Elite Realty Invest Limited’s 2,468 sq ft lease at Cotton Exchange.
The leading sectors over the past four quarters were TMT and creative, professional and government services, together accounting for 85% of total take-up.
The city’s prime rent increased to £28.50 per sq ft, growing 12% over the past quarter.
NOTABLE DEALS
Source: Avison Young
PRIME RENT
£28.50
Per sq ft
12%
Quarterly change
Source: Avison Young
12%
12 month change
21
Rent free months (10-year lease)
TAKE-UP BY SECTOR
Source: Avison Young
ANNUAL TAKE-UP (SQ FT)
Source: Avison Young
Availability
AVAILABILITY RATE (SQ FT)
CHANGE ON LAST QUARTER
-203bps
CHANGE ON LAST YEAR
-50bps
AVAILABILITY (SQ FT)
Source: Avison Young/CoStar
The availability rate decreased to 5.1%, 50 basis points lower than this time last year. Premium quality space remains undersupplied with the grade A vacancy rate now at 0.1%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young/PMA
13,650 sq ft of refurbished space has been completed so far in 2024. There is a total of 153,106 sq ft speculative space undergoing refurbishment, including 50,000 sq ft at No. 1 St Paul’s Square, 8,106 sq ft at No 12 Princes Dock, and 95,000 sq ft at The Martins Bank Building.
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