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
Q4 2024 take-up saw an uplift of 43% from Q3, reaching 110,000 sq ft, this however is 27% below the 10-year quarterly average. Driven by low levels of out of town take-up, annual demand in Liverpool reached 355,000 sq ft, which was a 19% decrease on the previous year.
In the city centre, take up reached 103,300 sq ft in Q4 2024, up on 68,700 sq ft achieved in Q3 and 10% ahead the 10- year quarterly average.
Key Q4 deals included:
- Direct Line Insurance’s 17,000 sq ft lease at 1 St Pauls Square;
- Warrant Group’s 6,500 sq ft letting at Century Buildings;
- Consultation Claims took a new lease at No 8 Princes Dock, occupying 6,020 sq ft.
The Professional sector fronted the charge in 2024, accounting for a 38% share of take-up. Government & Services and TMT & creative accounted for the next largest shares at 12% and 11%, respectively.
The City prime rent in Q4 2024 rose to £29.00 per sq ft, reflecting 2% growth on the previous quarter and 14% growth on 12 months ago.
NOTABLE DEALS
Source: Avison Young
PRIME RENT
Per sq ft
Quarterly change
Source: Avison Young
12 month change
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
CHANGE ON LAST YEAR
AVAILABILITY (SQ FT)
Source: Avison Young/CoStar
City centre availability remains constrained with vacancy ending the year at 6.8%. We estimate Grade A supply to account for 1% of total availability. There has been a significant increase in lower grade quality space across the market.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young/PMA
2024 saw 64,000 sq ft of new refurbished space enter the supply figures; 13,650 sq ft sq ft at 10 Princes Dock and 50,000 sq ft at 1 St Paul Square. There are currently no new development or major refurbishment schemes either under construction or on-site in the Liverpool market. Any new development is going to require a significant level of pre-commitment prior to start on-site.
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