Ups and Downs Mark Real Estate Market in Liverpool
While occupation levels are going up in
The city centre offices were hugely popular with a couple of big deals being finalised recently. UK Border Agency and Merseytravel were the principal tenants in these two deals. These contributed in a big way to the record amount of tenancies achieved in 2009. A total of 520,000 sq ft of prime desk space here was taken up by new tenants during this period.
While Merseytravel took up 140,000 sq ft on a thirty year long lease at the Mann Island development, the Home Office UK Border Agency signed up for 220,000 sq ft of office space to be occupied for 15 years in Old Hall Street at the Capital Building in December.
The Liverpool Commercial Office Market Review 2009 shows that this is a substantial proportion of the total 519,274 sq ft that is available in the city centre. As compared with 2008 statistics, total office space rentals have also shown an increase with 721,189 sq ft gaining new occupants. However these figures till fall short of the peak levels in 2007.
On the other hand, the situation has not been quite so positive for spaces out of the city. Tenancy rates actually fell by about 33%, with only about 131,220 sq ft being taken up by new tenants.
Although the lettings may have boosted the office market, both were relocations from within
When the figures are compiled for the year 2009, it can be seen that while refurbished spaces were not that popular this year, three big city centre deals accounted for a significant 10,000 sq ft of tenancy agreements entered into. Furthermore, Grade A space within city centre had fallen to 178,000 sq ft at the end of 2009.
