LOAF: Liverpool office take-up nearly quadruples in Q2

The total amount of space let in the city centre during the second quarter of the year jumped to 63,160 sq ft from 16,369 sq ft in the previous quarter.

Across the entire city region, 93,000 sq ft of office space was transacted in April, May and June, according to the Liverpool Office Agents Forum. 

The 47,000 sq ft increase in office take-up in Liverpool city centre was helped by two five-figure deals at the Watson Building. 

Reed in Partnership and Universally Speaking both took 10,018 sq ft within the Renshaw Street building. 

Take-up in Q3 is likely to be even higher, with Firesprite’s 50,000 sq ft letting at Cert Property’s Duke & Parr due to complete. 

Out-of-town take-up totalled just under 30,000 sq ft, a decrease of around 40,000 sq ft compared with the first three months of the year. 

So far, 242,000 sq ft of office space has been let across Liverpool City Region in the first half of the year, according to LOAF. 

“After a fairly sluggish start to the year and an indifferent first quarter take-up, transactional activity continues to gather pace,” said Brian Ricketts, partner at Hitchcock Wright. 

“The flight to quality continues but the supply of grade A stock remains an issue. We expect Q3 and Q4 will show an upward trend and there are a number of larger enquiries in excess of 10,000 sq ft that will boost the overall final year take-up figures.” 

LOAF added that rent levels remain strong and incremental growth in the second half of 2022 “seems to be sustainable based on current evidence”.  

Liverpool Office Agents Forum is made up of CBRE, Hitchcock Wright, Avison Young, Worthington Owen, Mason Owen, Keppie Massie, Mason Partners, Eddisons, Matthews & Goodman, and B1 Real Estate.