Vacant office space acquired in Liverpool in the third quarter of 2024 has more than tripled from the previous quarter, with a total of 85,938 sq ft of office accommodation transacted in 22 deals within Liverpool City Centre, which is an increase from the 23,879 sq ft of lettings that occurred during Q2.
The increase of more than 60,000 sq ft of take-up contrasts a challenging second quarter of the year, with the largest transaction of the year to date completing with the Home Office acquiring 24,672 sq ft of office space in the Capital Building.
To date in Q3, 205,851 sq ft of office space has been transacted in Liverpool City Centre during 2024, which reflects an increase from the same time last year, at which point 167,186 sq ft had been transacted by Q3 2023.
There remains a strong occupational demand for smaller suites in the City Centre, with 59% of deals falling into the sub 2,000 sq ft market. However, with several larger deals completing in Q3, there is an indication that the demand for larger, high-quality office space remains in Liverpool, with government-backed agencies and professional services looking to relocate centrally and expand their presence within the city.
Similarly to Q1 2024, this has been another buoyant quarter for City Centre take-up, particularly in the CBD, which gives an early indicator that with further investment into the city, and the addition of much-needed brand-new Grade A office stock, demand for good quality accommodation in Liverpool will grow.
