Vacant office space acquired in Liverpool in the first quarter of 2024 has more than doubled from the same time last year thanks in part to the rise of the gaming industry in the city. Figures released by the Liverpool Office Agents Forum (LOAF) showed 93,223 sq ft of space was transacted across 24 deals in Q1 – a 126% increase from the 41,171 sq ft of space let in Q1 2023.
A significant proportion of the activity was driven by companies within the gaming, creative and professional sectors, with game developer Wushu Studios behind the biggest move of the quarter after taking on 13,320 sq ft of space at Walker House.
One of our associates, Gabriel Davies, based at our Liverpool office and Chair of LOAF, felt the figures delivered on the promising signs of the market in 2023. He said: “Q4 2023 ended on a positive note with 116,000 sq ft of offices being transacted, this positive sentiment has continued in the first part of this year and demonstrates that occupiers remain eager to be located in the city.
“Seeing more than 93,000 sq ft of office space transacted in Liverpool is a fantastic result for the first quarter of 2024 and it is more than was achieved in the first six months of 2023.
“While the games industry has played a key part in an excellent Q1, other creative sectors such as music, and more traditional Liverpool sectors like shipping, have also contributed strongly. Sentric Music took 13,000 sq ft at Walker House, while international shipping firm Hapag Lloyd moved into 8,858 sq ft of space at No 1 St Paul’s Square. We’re hopeful that this performance continues into 2024 as more occupiers value having high-quality office space in prime locations.”
Mark Worthington, of Worthington Owen, added: “We have had a good run for the past 6 months and it is particularly pleasing to see the growing importance of knowledge-based companies in driving demand. We anticipate take-up for 2024 to be solid but not spectacular and the primary obstacle going forward is the lack of investment in new office space within the business area.”
LOAF is made up of Fisher German, CBRE, Avison Young, Worthington Owen, Mason Owen, Keppie Massie, Mason Partners, Eddisons, Hitchcock Wright & Partners, LM6, SK Real Estate, and B1 Real Estate.
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