New publications released on Liverpool’s property and development sector
Liverpool Vision have published figures which confirm the resilience of commercial development and lettings in the city.
The latest issue of Liverpool Development Update and Liverpool Commercial Office Market Review identify £248m of projects completed and take up commercial space of 393,441 sq ft in 2010.
The completed projects, which include the transformation of Lime Street Gateway and the mixed-use King Docks Mill in the Baltic area of the city, indicate that the city’s development sector has stood up well to the economic downturn.
Construction activity in 2010 was also resilient with residential, hotel, commercial office, retail and leisure all under construction, as well as developments by the two principal universities. While not returning to the boom time of 2007/8, the market remains buoyant and is exceeding its pre-recession levels of activity.
Max Steinberg, Liverpool Vision Chief Executive, says the figures are a positive indication that investor confidence in the city is still strong.
“The amount of new schemes completed and construction activity in the last year is encouraging. It follows a positive trend over the past decade and reinforces Liverpool’s reputation for delivery, despite the economic slowdown and sluggishness in the development sector.
“Schemes worth £250m have been completed in the last year and we can look forward positively to the months ahead when the Museum of Liverpool, the latest phase of St Paul’s Square, work continuing at Central Village and Liverpool Innovation Park will all add to the regeneration.”
Stuart Keppie, Chairman of Professional Liverpool’s Property Group, said: “In spite of the on-going challenging economic circumstances there were encouraging signs for Liverpool’s office market in 2010.
“Take up in the city centre revealed an increase in the overall number of transactions and a more robust indigenous market than 2009. Clearly the market has not seen the larger lettings which were so dominant in 2009 and there were very few public sector transactions.
“The overall supply of Grade A and Grade B office accommodation remains high in the city but there was a reduction in available supply of Grade A space in the out of town markets of Merseyside with little new space becoming available.”
Both publications can be found via the links above.
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