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
Q3 take-up totalled 76,839 sq ft, 48% below the 10-year Q3 average and double the previous quarter’s figure.
City centre take-up was 39% below the long-term average, whereas out-of-town take-up was 57% below.
Key deals of the quarter included:
- Home Office’s 24,672 sq ft lease at The Capital Building;
- Mitchell Charlesworth’s 11,103 sq ft lease at The Plaza;
- Acorn Insurance’s 7,932 sq ft lease at Edward Pavilion.
The leading sectors over the past four quarters were Professional Services, TMT and Creative and Financial Services, together accounting for 72% of total take-up.
The city’s prime rent remained unchanged at £28.50 per sq ft.
NOTABLE DEALS
Source: Avison Young
PRIME RENT
£28.50
Per sq ft
0%
Quarterly change
Source: Avison Young
11.8%
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
+71bps
CHANGE ON LAST YEAR
+45bps
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
63,650 sq ft of refurbished space has been completed so far in 2024. There is a total of 103,106 sq ft speculative space undergoing refurbishment, including 8,106 sq ft at No 12 Princes Dock, and 95,000 sq ft at The Martins Bank Building.
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