Office take up in central Liverpool rose by 11,148 sq m (120,000 sq ft) – a rise of 30% – in the first half of 1996, according to research by Richard Ellis.
RE reports that there is strong demand for good quality space. “But the shortage of refurbished accommodation and the lack of new development has forced occupiers to look at pre-lets located outside the traditional prime core”. This trend is demonstrated by KPMG’s recent decision to take a prelet on 1,393 sq m (15,000 sq ft) at Princes Dock.
The only speculative development to be completed this year is the refurbishment of 1,254 sq m (13,500 sq ft) at African Chambers, Old Hall Street. This compares with a total development figure in 1995 of 7,525 sq m (81,000 sq ft) – 84% of which was pre-let.
This situation is expected to change with two new developments now under construction:
- The 2,973 sq m (32,000 sq ft) second phase of the 10,405 sq m (112,000 sq ft) Temple Square scheme
- The 4,923 sq m (52,992 sq ft) first phase of Princes Dock
EGi News 17/10/96
