One of our senior surveyors, Gabriel Davies, who specialises in the acquisition & disposal of property and land across the office and industrial sectors, has been elected as the Chair of the Liverpool Office Agents Forum (LOAF) for 2024. We caught up with him to look back at 2023 and find out his thoughts on what we can expect in 2024.
LOAF reported that office take-up in the city centre reached a total of 283,799 sq ft in 2023, reflecting the sustained growth and attractiveness of the area. These figures show that take-up doubled during the second half of the year, demonstrating that confidence had returned to the market between July and December 2023.
The final quarter of 2023 saw several significant transactions, including the lettings of Federation House (17,500 sq ft) to The LIPA Multi Academy Trust, 5 St Paul’s Square (9,452 sq ft) to Avalanche Studios Group and 5 St Paul’s Square (8,921 sq ft) to Driscoll Kingston.”
The heart of Liverpool continues to flourish as a dynamic business hub, showcasing the city’s resilience in the face of some market challenges. The number of deals surged from 78 in 2022 to 88 in 2023 and the flight to quality has increased headline rents which continue to grow, exemplifying the continued momentum and interest in Liverpool's city centre office spaces.
Landlords have had to undertake proactive asset management initiatives to attract tenants, offering better amenity space, higher quality offices and more services. Creative and gaming sectors emerged as notable contributors to the city's office take-up in 2023, emphasising Liverpool's position as a dynamic and attractive destination for businesses in these fields, building upon a rich heritage in this sector dating back to the 1980s.
Liverpool's city centre offices remain a vibrant and resilient choice for businesses seeking prime locations and dynamic environments, and as we move into 2024, continued success in the city’s office space sector is anticipated.
Liverpool Office Agents Forum is made up of Fisher German, CBRE, Avison Young, Worthington Owen, Mason Owen, Keppie Massie, Mason Partners, Eddisons, Hitchcock Wright & Partners, LM6 and B1 Real Estate
