Liverpool’s commercial property market has struggled in 2010, according to new reports released.
It has been a harsh twelve months for the city that gave the world the Beatles, with new data revealing that there was a 50% slump in take-up for Liverpool city centre offices in 2010. The 2010 Liverpool Commercial Office Market Review, stated; ‘It will come as no surprise to say that 2010 was a challenging year. The prevailing economic conditions have affected take-up across the UK and Liverpool was no exception.’
The report reveals that Liverpool’s total office market take-up in 2010 of 393,441 sq ft, with the 2009 figure standing at 519,274 sq ft.
The news will come as a disappointment to the city, after the celebrations of becoming the European capital of culture in 2008, Liverpool spent big on developing its commercial property areas, especially the serviced office sector. 2008 saw massive re-development of the ‘commercial district’, with many new building and redevelopment projects taking place.
However, despite the knock back, officials in the city are trying to remain positive. And there are some reasons to be hopeful, Weightmans, the law firm, which could take around 90,000 sq ft at Bruntwood’s the Plaza on Old Hall Street, after its takeover of rival solicitor Mace & Jones in March, with the letting expected to be completed imminently. Property Week writes, ‘Spanish bank Santander is also on the lookout for space, to increase its Liverpool base from 4,000 sq ft in the Plaza to 15,000 sq ft.’
It is also believed by commercial property agents and developers in the city that the 2009 figures were ‘distorted by two large deals: Merseytravel’s 140,000 sq ft at Neptune and Countryside’s Mann Island, and the UK Border Agency’s 220,000 sq ft in Downing’s the Capital.’
So despite the knock-back Liverpool maintains it can still be a commercial leader in the North of England, with the Liverpool Commercial Office Market Review, concluding; 2011 will see the completion of the next major city centre office development of 109,000 sq ft at St Paul’s Square. We look forward to the coming year with renewed optimism.’
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