Liverpool SME office take-up grows while out-of-town supply diminishes

Liverpool’s SME community accounted for the majority of the city’s office space transactions in the first half of the year, with data pointing to record year-on-year growth in the total number of transactions completed.

Research from members of Property Agents Group, an arm of Merseyside-based organisation Professional Liverpool, found that 85 deals for Liverpool office space were completed in H1 2015, which is 60% more than last year. However, deals were found to average less than 1,500 sq ft.

Group chair Stuart Keppie, who is a partner at Liverpool-based property consultancy Keppie Massie, said: “Traditionally take-up usually gathers pace as the year progresses. The exception, in recent years, was 2014, where the first half was 250,000 sq ft buoyed by the City Council occupation of 85,000 sq ft.

“The take-up for the Commercial District for 2015 half year is 120,000 sq ft, which is higher than 2012 and 2013.”

Stuart added: “What is exceptional is the number of transactions. This is a clear indicator of the activity in the indigenous small market although it should be noted that there have been more transactions over 2,500 sq ft than for any of the last three years.”

Property Agents Group, which includes firms such as Keppie Massie, GVA Billfinger and CBRE, found that in Liverpool city centre, the professional sector accounted for almost one-third (30%) of transactions, while the creative and digital sector accounted for more than a fifth (just over 20%).

The supply of office space in Liverpool’s out-of-town market was found to have dipped, according to Property Agents Group, as a number of large deals were signed. Such transactions included the sale of the 22,900 sq ft Vortex House in Wavertree Technology Park.

Andrew continued: “The volume of transactions in the out-of-town market is less than that of the city centre, but the aggregate size of space transacted increases significantly and H1 take-up stands at 133,300 sq ft, eclipsing H1 take-up of 70,000 sq ft in 2014.”