Liverpool office take-up plummets as Covid-19 bites
Total city centre office take-up in Liverpool fell by 61% to 20,000 sq ft in Q2 as coronavirus slammed the breaks on transactions.
According to Avison Young, the largest deal in the city was law firm Taylor Wessing taking 12,700 sq ft at Edward Pavillion.
There were also a number of small lettings in the out-of-town market totalling 15,000 sq ft. However, this was still down from last year, when occupiers signed for 21,983 sq ft.
Total city centre office take-up in Liverpool fell by 61% to 20,000 sq ft in Q2 as coronavirus slammed the breaks on transactions.
According to Avison Young, the largest deal in the city was law firm Taylor Wessing taking 12,700 sq ft at Edward Pavillion.
There were also a number of small lettings in the out-of-town market totalling 15,000 sq ft. However, this was still down from last year, when occupiers signed for 21,983 sq ft.
Headline rents for the city centre stands at £21.50 per sq ft, and £14 per sq ft for the out-of-town market.
Currently, less than 160,000 sq ft of office space is under construction, 44% of which has been prelet.
Avison Young Liverpool office principle Ian Steele said he expects take-up levels to continue to be “restricted” in the next quarter with large occupiers adopting a more cautious approach.
He added: “Covid-19 has had a significant impact on the city centre office market, with the majority of occupiers either delaying or putting their occupational requirements on hold indefinitely, while undertaking a strategic review and reassessment of their spatial requirements.
“On a more positive note, following the easing of the lockdown restrictions, there has been an increase in demand and viewing activity from smaller occupiers who are generally looking to acquire space on more flexible short-term leases.”
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