Still no Major Private Sector Customers in Liverpool Office Space
According to reports, this year has started on a positive note for office space leasing in Liverpool as the stage is set for signing of a lease by UK Border Agency for 200,000 sq ft in at the Capital building at Downing, which is the commercial district for Liverpool. There are also suggestions that Merseytravel is about to declare its renting plans for 140,000 sq ft in Mann Island soon. These locations have been recently renovated to almost new office space quality.
Having seen a substantial 36% decline in new leases last year and more so in the last quarter of the year, Liverpool, is yet to attract big private sector clients into its office space market. However, in these times of severe shortage of credit any leasing transaction, especially as huge as Border Agency and Merseytravel even though in the public sector, is an important achievement.
With stricter environmental requirements, unavailability of loans from banks and taxes to be paid even on vacant places, it is highly unlikely that Liverpool will be able to offer any more office space to the private sector players in near future. The only two good office space areas that satisfy the quality that top companies demand are St Paul’s Square and 20 Chapel Street, and they are mostly taken with only a few rent a desk options remaining.
In some unrelated news, a local brewer, Cains, has become the top sponsor for the International Tennis Tournament for year 2009. The company was saved from administration by the Dusanj brothers a while ago. Nevertheless, the organizers have reported corporate bookings to the tune of 85% already.
