commercial office market review 2015...overall office take-up for the liverpool city region was...

MARKET REVIEW2015

COMMERCIAL OFFICE

2

OVERALL OFFICE TAKE-UP FOR THE LIVERPOOL CITY REGION WAS 576,847 SQ FT IN 2015, A 2.4% RISE ON THE 2014 FIGURE OF 563,034 SQ FT.

THE OVERALL TAKE-UP IN THE CITY CENTRE (COMMERCIAL DISTRICT AND CITY FRINGE) ACCOUNTED FOR 383,023 SQ FT WHICH IS DOWN 15% WHEN COMPARED TO 2014 BUT UP 1.7% ON 2013.

THE NUMBER OF TRANSACTIONS IN THE COMMERCIAL DISTRICT INCREASED DRAMATICALLY ONCE AGAIN TO A NEW RECORD OF 156 DEALS IN 2015.

TOTAL OFFICE TAKE-UP IN THE COMMERCIAL DISTRICT IN 2015 WAS 301,956 SQ FT WHICH IS DOWN BY 21% FROM 2014 BUT SIMILAR TO THE 316,964 SQ FT OF 2013.

SECTOR WISE, PROFESSIONALS WERE LEADING THE WAY WITH A 33% INCREASE IN TAKE-UP IN THE COMMERCIAL DISTRICT COMPARED TO 2014. SIMILARLY, THE CREATIVE/IT/MEDIA SECTOR INCREASED FROM 2% OF TOTAL TAKE-UP IN 2014 TO 15% OF TOTAL TAKE-UP IN 2015.

IN TOTAL 270,112 SQ FT OF OFFICE TAKE-UP WAS IN THE GRADE B AND GRADE B* CATEGORIES, ACCOUNTING FOR 90% OF ALL OFFICE TAKE-UP IN 2015. THIS CONSOLIDATES GRADE B/B* SPACE AS THE MAINSTAY OF THE CITY CENTRE MARKET.

TAKE-UP IN THE CITY FRINGE AREA WAS UP 20% TO 81,067 SQ FT IN 2015. THE LARGEST DEAL WAS 33,433 SQ FT WHICH WAS ALSO THE LARGEST LETTING IN THE CITY CENTRE (COMMERCIAL DISTRICT AND CITY FRINGE COMBINED) IN 2015.

OUT OF TOWN TAKE-UP IN 2015 WAS AN IMPRESSIVE 193,824 SQ FT - UP 73% ON 2014.

THE TOTAL OFFICE STOCK CONTINUES TO FALL IN THE COMMERCIAL DISTRICT. TOTAL STOCK IN 2015 WAS 6,254,489 SQ FT, A DECREASE OF 530,485 SQ FT COMPARED TO 2014.

THE LARGEST TRANSACTION IN 2015 WAS THE PRIME INVESTMENT SALE OF THE PORT OF LIVERPOOL BUILDING IN DECEMBER FOR £27.6M AT NYI OF 6.75%.

RIVER MERSEY M62

M6

M58

M57

OUT OF TOWNWAVERTREE

CITY FRINGE

CENTRE

OUT OF TOWNKNOWSLEY

OUT OF TOWNST HELENS

OUT OF TOWNSOUTH LIVERPOOL

BOOTLE

WATERLOOOUT OF TOWN

NORTH LIVERPOOL

CITY

AT A GLANCE

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COMMERCIAL OFFICE MARKET REVIEW 2015

WE’RE DELIGHTED TO ONCE AGAIN DELIVER AN OBJECTIVE AND INDEPENDENT ANALYSIS OF THE OFFICE MARKET WITHIN THE LIVERPOOL CITY REGION. THE REPORT, NOW IN ITS 11TH YEAR, IS THE RESULT OF A COLLECTIVE EFFORT FROM MEMBER AGENTS OF THE PROPERTY GROUP OF PROFESSIONAL LIVERPOOL. A BIG THANK YOU ALSO GOES TO OUR PARTNER, THE LIVERPOOL BID COMPANY, IN THE PRODUCTION OF THIS DOCUMENT.

This year, we’ve introduced a new ‘five year’ comparison looking back to 2010 figures and have added a new analysis of the City Centre (the combined Commercial District and City Fringe area) due to growing popularity of office space in this area.

It’s positive to see that overall office take-up for the Liverpool City Region is up 2.4% on the previous year, with a record number of transactions in the vibrant Commercial District. Out of town take-up was also exceptional – up an impressive 73% on 2014.

These are extremely encouraging statistics but as ever, there remain challenges as we see a continued lack of Grade A office stock in the Liverpool City Region. Smaller lettings have continued to dominate the market and sector wise, the professional and financial/banking sectors remain the highest take-up in the Commercial District. The creative/IT/media sectors all continue to thrive, showcasing Liverpool’s assets as a truly entrepreneurial city.

We hope you find the review both useful and enlightening and welcome any feedback.

Tony Reed Chairman, Property Group, Professional Liverpool

Liverpool is an ambitious city and this document highlights the real successes across the office market over the last year. At the BID, we’re committed to nurturing this growth and the investment opportunities that it creates, and our plans for this are set out in our five year Business Plan 2016-2021 for the Commercial District. We’re delighted to once again support this authoritative publication and hope you find the information useful and engaging.

Bill Addy Chief Executive of Liverpool BID Company

WELCOME TO THE

COMMERCIAL OFFICE

MARKET REVIEW FOR

2015

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The combined figure includes the Commercial District, City Fringe and out of town markets including Knowsley, St Helens, South Liverpool, Wavertree, North Liverpool and Bootle/Waterloo. The take-up in the City Region is once again dominated by the Commercial District. However, we have seen increased take-up in the City Fringe, South Liverpool, Wavertree and North Liverpool including Bootle/Waterloo. The out of town market’s largest deals were in the Wavertree area and included the sales of Vortex House to Deyes High School and the sale of Building 17 at Liverpool Innovation Park to AIMES Grid Services. 74% of transactions and area take-up occurred in the Commercial


OVERALL OFFICE TAKE-UP IN CITY REGION

OVERALL OFFICE TAKE-UP FOR THE LIVERPOOL CITY REGION WAS 576,847 SQ FT IN 2015, A 2.4% RISE ON THE 2014 FIGURE OF 563,034 SQ FT.

2015 576,84 sq ft

2011 382,592 sq ft

2012 534,750 sq ft

2013 534,100 sq ft

2014 563,034 sq ft2015 576,84 sq ft

2011 382,592 sq ft

2012 534,750 sq ft

2013 534,100 sq ft

2014 563,034 sq ft

OVERALL OFFICETAKE-UP IN CITY REGION

563,034 sq ft

576,847 sq ft

534,750 sq ft

534,100 sq ft

2015

2014

2013

2012

2011382,592 sq ft

THE FIVE YEAR COMPARISON

The combined office take-up in the Liverpool City Region in 2010 was 393,441 sq ft - take-up for 2015 represents a 47% increase on this figure.

District. Overall the take-up levels for the City Region remain on an upward trend, showcasing the growing confidence in the commercial property market.

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WE HAVE INTRODUCED INTO THE REVIEW AN ANALYSIS OF THE CITY CENTRE AREA (L1,L2 AND L3) IE. THE COMBINED COMMERCIAL DISTRICT AND CITY FRINGE AREA. THIS IS DUE TO THE GROWING POPULARITY AND QUALITY OF OFFICE SPACE NOW AVAILABLE HERE (IE. THE DEPARTMENT AND WATSON BUILDING).

OFFICE TAKE-UP IN LIVERPOOL CITY CENTRE (COMMERCIAL DISTRICT & CITY FRINGE)

OFFICE TAKE-UP IN LIVERPOOL CITY CENTRE (Commercial District & City Fringe)

451,194 sq ft

383,023 sq ft

376,626 sq ft

2015

2014

2013

The overall take-up for this area accounted for 383,023 sq ft which is down 15% when compared to 2014 but up 1.7% on 2013. It is also important to note that the Commercial District accounted for 301,956 sq ft whereas the City Fringe was 81,067 sq ft - this included the largest letting in the city centre of 33,433 sq ft to the NHS Liverpool CCG at The Department.


The overall take-up in 2010 for the Liverpool City Centre area was 261,361 sq ft and take-up for 2015 represents a 47% increase.

6COMMERCIAL OFFICE MARKET REVIEW 2015

OFFICE TAKE-UP IN THE COMMERCIAL DISTRICTTOTAL OFFICE TAKE-UP IN THE COMMERCIAL DISTRICT IN 2015 WAS 301,956 SQ FT WHICH IS DOWN BY 21% FROM 2014 BUT SIMILAR TO THE 316,964 SQ FT OF 2013.

Whilst the overall figure may appear disappointing, it is worth noting that there were no deals over 20,000 sq ft in 2015 in the Commercial District. It is very encouraging that the total number of transactions has increased dramatically once again however, to a new record of 156 deals in 2015, up from 121 in 2014 and 108 in 2013.

The largest deal of 2015 in the Commercial District was to Carpenters Solicitors of 19,434 sq ft at No1 Tithebarn following the company’s decision to relocate from Wirral.

Sub 1,000 sq ft take-up was again the main driver with 54% of all transactions (similar to 2014), although the actual number of transactions was up from 61 in 2014 to 85 in 2015, an increase of 39%.

2015 continued a trend of larger floor plates being converted into smaller suites with notable successes at Exchange Flags, Cotton Exchange and Graeme House. Another notably successful building has been Tempest on Tithebarn Street which completed in summer 2015 and is now circa 85% let following a major refurbishment of the previously Grade D rated Churchill House.

121156 61108 44 56

2015 2014 2013 20112012 2010


The overall take-up in 2010 for the Commercial District was 207,515 sq ft and take-up for 2015 represents a 46% increase on this figure.

In 2010 there were a total of 56 deals in the Commercial District at an average size of 3,706 sq ft. 2015 had 100 more transactions than 2010 at an average of 1,936 sq ft.

NO. OF DEALS

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BY GRADE OF OFFICE: COMMERCIAL DISTRICT

Grade B space accounted for the highest number of transactions with 121 deals (78% of all transactions), and 140,898 sq ft (47%) of total take-up at an average of 1,155 sq ft per transaction.

There were 29 transactions in the Grade B* category (19% of transactions) and 129,214 sq ft (43%) of the total take-up at an average of 4,456 sq ft. In total, seven of the Grade B* transactions occurred in the newly sub-divided suites within Walker House, Exchange Flags.

Once again the report highlights that Grade B/B* office space represents the mainstay of the Commercial District accounting for 96% of transactions and 90% of total take-up.

Meanwhile, Grade C recorded a take-up of just 21,132 sq ft, representing 7% of the total take-up – similar to the past 5 years.

GRADE C

GRADE B

GRADE B*

GRADE A

BY GRADE OF OFFICE - COMMERCIAL DISTRICTTAKE UP BY GRADE

7%

47%

43%

3%

2015 SAW ONLY TWO DEALS FOR GRADE A SPACE BOTH OF WHICH WERE ON THE GROUND FLOOR OF NO 4 ST PAUL’S SQUARE TO ZIFERBLAT AND SEARCH CONSULTANCY.


BY SIZE OF LETTING: COMMERCIAL DISTRICT

AS WITH 2013 AND 2014, SMALLER LETTINGS HAVE DOMINATED THE MARKET IN THE COMMERCIAL DISTRICT IN 2015, WITH 54% OF ALL LETTINGS (85 DEALS IN TOTAL) UNDER 1,000 SQ FT.

When combined with lettings below 2,500 sq ft, this represents 78% of all deals in the Commercial District. There were 17 transactions over 5,000 sq ft in 2015, which is similar to 2014’s 19 transactions. There were no deals above 20,000 sq ft in 2015 compared to two in 2014 and four in 2013. The figures suggest a balanced economy and highlight that we are no longer dependent on the larger lettings to support the Commercial District take-up.

11%

24%

54%

0%

20,001+

3%

10,001 - 20,000

8%

5,001-10,000

2,501 - 5,000

1,001 - 2,500

0-1,000

BY SIZE OF OCCUPIER - COMMERCIAL DISTRICTNUMBER OF DEALS BY SIZE

DEALS BY SIZE


In 2010, 35% of deals were under 1,000 sq ft compared to 54% in 2015.

In 2010, sub 2,500 sq ft transactions accounted for 65% of lettings compared to 78% in 2015.

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OFFICE SUPPLY: COMMERCIAL DISTRICT

GRADE

A

D

BC

B*5.8%

33.0%

22.7%

12.9%

25.6%

THE TOTAL OFFICE STOCK IN THE COMMERCIAL DISTRICT IN 2015 WAS 6,254,489 SQ FT, A DECREASE OF 530,482 SQ FT COMPARED TO 2014. THIS IS NEARLY 768,535 SQ FT BELOW 2013 OFFICE STOCK FIGURES AS SUPPLY CONTINUES TO FALL IN THE CITY CENTRE.

It is a similar story with available vacant office space. There is in total 1,577,022 sq ft of office space available in the Commercial District compared to 2,046,255 in 2014 and 2,295,053 sq ft in 2013. 56% of the available stock is currently in the poorer quality Grade C and D categories which is a slight decrease from 58% in 2014.

As with 2014, the decreasing supply can be attributed to an increasing number of building uses being converted from offices to hotels, serviced apartments and residential, including Martins bank building, 60 Old Hall Street, Orleans House and Mersey House. The contraction also highlights the continuing lack of new build activity in the Liverpool office market. There is just 91,869 sq ft of vacant Grade A office space in the Commercial District which is down 23% from 2014 and much lower than 2011 which saw Grade A availability peak at 257,283 sq ft. This represents just 5.8% of available office stock in 2015, down from 13% in 2011.

As with 2014, there is still no new build Grade A office space in planning, with the exception of Peel Ports’ Liverpool Waters scheme. The dwindling Grade A supply will be further exacerbated by No 4 St Paul’s Square and Mann Island moving out of the Grade A category to Grade B* in 2016.

Supply availability in the Grade B* (higher quality refurbished and modern offices) was 404,239 sq ft, a decrease of 13% on 2014. The availability in Grade B (refurbished) has also reduced to 202,919 sq ft - down 26% on 2014.


Total office stock in 2010 accounted for 7,049,362 sq ft which is 11% higher than in 2015. There was 1,889,670 sq ft of available office space in 2010, 17% higher than in 2015. In 2010 Grade A space accounted for 9.2% of available space whereas in 2015 the figure was 5.8%.


CITY FRINGE TAKE-UP

OUT OF TOWN TAKE-UP

TAKE-UP IN THE CITY FRINGE AREA WAS 81,067 SQ FT IN 2015. THIS REPRESENTS AN INCREASE OF 20% ON 2014 AND AN INCREASE OF 36% ON 2013. IT CONTINUED TO EXCEED THE MAJORITY OF OTHER OUT OF TOWN AREAS APART FROM WAVERTREE, WHICH SAW TAKE-UP REACH 81,217 SQ FT IN 2015.

OUT OF TOWN TAKE-UP IN 2015 WAS AN IMPRESSIVE 193,824 SQ FT - UP 73% ON 2014. THE INCREASE IN TAKE-UP HIGHLIGHTS A POSITIVE YEAR IN MOST OUT OF TOWN LOCATIONS ASIDE FROM KNOWSLEY AND ST HELENS. WAVERTREE SAW A NOTABLE INCREASE IN TAKE-UP – A 71,906 SQ FT INCREASE ON 2014.

Bootle/Waterloo also enjoyed a relatively positive 2015 with take-up increasing from 454 sq ft in 2014 to 21,383 sq ft in 2015. South Liverpool and North Liverpool also had another successful year with an improvement in take-up on 2014 by 26% and 25% respectively.

The key deals in the out of town market included 22,900 sq ft at Vortex House, Wavertree to Deyes High School; 22,140 sq ft at Liverpool Innovation Park, Wavertree to AIMES Grid Services and 10,500 sq ft to Forwessun at Hurricane Court, South Liverpool.

OUT OF TOWN TAKE UP

ST HELENS

BOOTLE / WATERLOO

NORTH LIVERPOOL

KNOWSLEY

WAVERTREE

SOUTH LIVERPOOL

24%

42%

7%

16%

11%

59,662

81,067

67,852

2015 2014 2013

The major deal of the City Fringe area was the letting to the NHS Liverpool CCG at The Department of 33,433 sq ft which was also the largest letting in the City Centre (Commercial District and City Fringe combined) in 2015.


Take-up in the City Fringe accounted for 53,846 sq ft in 2010 which is 34% lower than 2015.

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TAKE-UP BY GRADE OF OFFICE: CITY CENTRE AND OUT OF TOWN

GRADE A

GRADE B

GRADE C

78%

16.7%

5.3%

AS WITH 2014, THERE CONTINUES TO BE A DECREASING SUPPLY OF AVAILABLE GRADE A SPACE IN OUT OF TOWN AREAS.

IN FACT, THERE WAS ONLY ONE GRADE A DEAL IN 2015 - 14,506 SQ FT TO BALFOUR BEATTY AT ALASKA HOUSE, NORTH LIVERPOOL. AS WITH THE COMMERCIAL DISTRICT, GRADE B WAS DOMINANT ACCOUNTING FOR 78% OF ALL LETTINGS WHICH WAS AN INCREASE FROM 68% IN 2014.

Grade C take-up was 45,899 sq ft which accounted for 16.7% of all deals, similar to 2014 which saw Grade C account for 16.4% of lettings. Liverpool Innovation Park in Wavertree accounted for 82% of the Grade C lettings with deals to AIMES Grid Services and Mersey Care NHS Trust.


THE BIGGEST DIFFERENCE BETWEEN 2014 AND 2015 WAS THE SHARP FALL IN TAKE-UP BY THE PUBLIC SECTOR WHICH FELL FROM 31% IN 2014 TO JUST 2% IN 2015. THIS IS LARGELY BECAUSE THE 2014 FIGURE INCLUDED LIVERPOOL CITY COUNCIL OCCUPYING 85,000 SQ FT IN THE CUNARD BUILDING.

The largest proportion of the 2015 take-up was in the professional sector which accounted for 41% of total take-up, a marked increase from 33% in 2014. This sector accounted for 53 deals at an average of 2,333 sq ft per letting.


The take-up in 2010 from the creative/IT/media sector was recognised as a key area of growth that could ‘cement the city’s reputation as one of the UK’s cultural capitals’. In 2010 this sector accounted for six transactions totalling 18,396 sq ft (9%) of take-up whereas in 2015 this sector represented 44,884 sq ft (15%) of take-up with 36 transactions.

Another major difference between 2014 and 2015 is the proportion of take-up in the creative/IT/media sector which accounted for 15% of total take-up, an increase from 2% in 2014. This sector accounted for 36 deals in 2015 at an average size of 1,247 sq ft. The Commercial District is more attractive than ever for the creative/IT/media sector which is highlighted by the success of Cotton House and Tempest.

The financial/banking sector also had a positive 2015 - accounting for 12% of total take-up, an increase from 8% in 2014. The remaining sectors including call centres/outsourcing, training and distribution/shipping all had a much smaller impact with less than 10% of take-up.

DISTRIBUTION / SHIPPING

CREATIVE / IT / MEDIA

TRAINING

FINANCIAL / BANKING

OTHEROUTSOURCING / CALL CENTRE

PROFESSIONAL

PUBLIC SECTOR2%

41%

12%6%

15%

7%

8%

9%

TAKE-UP BY SECTOR: COMMERCIAL DISTRICT

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TAKE-UP BY SECTOR: CITY FRINGE

TAKE-UP BY SECTOR: OUT OF TOWN

UNLIKE THE COMMERCIAL DISTRICT, THE DOMINANT SECTOR IN THE CITY FRINGE REGION IN 2015 WAS UNDOUBTEDLY PUBLIC SECTOR (WHICH ALSO INCLUDES HOUSING ASSOCIATIONS) WHICH ACCOUNTED FOR 71.3% OF TAKE-UP. THIS IS LARGELY DUE TO THE NHS LIVERPOOL CCG TAKING 33,433 SQ FT AT THE DEPARTMENT AND REGENDA HOUSING GROUP WHICH RELOCATED TO 12,500 SQ FT AT COMMUTATION PLAZA.

THE OUT OF TOWN TAKE-UP WAS 193,824 SQ FT IN 2015 AND AS WITH 2014, TWO OF THE DOMINANT SECTORS WERE PUBLIC SECTOR, WITH 23% OF TAKE-UP, AND THE PROFESSIONAL SECTOR AT 26%. ALTHOUGH THIS WAS DOWN FROM 47% IN 2014.

The largest improvement came in the creative/IT/media sector which saw an increase from 3% in 2014 to 27% of take-up in 2015.

OTHER


71.3

5.2 0 0 5.318.2

TRAINING

FINANCIAL / BANKING

PROFESSIONAL

PUBLIC SECTOR

As with 2014, the ‘other’ category is also dominant, accounting for 18.2% of take-up and including lettings to DX Freight which occupied 5,377 sq ft at Merchants Place, Brunswick Business Park and Guild Energy which took 3,583 sq ft at Tea Factory.

The creative/IT/media and professional sectors accounted for 5.3% and 5.2% of take-up which were both down from 2014. The figures continue to highlight that the Commercial District now offers a viable and increasingly popular alternative for small businesses in the creative/IT/media sectors.

The three largest deals in the creative/IT/media sectors were the 22,140 sq ft to AIMES Grid Services at Liverpool Innovation Park, Wavertree; the 10,500 sq ft deal to Forwessun at Hurricane Court, South Liverpool and the 4,830 sq ft letting to Rainmaker Marketing at St Hugh’s House, Bootle.

The ‘other’ sector was also prominent with 23% of take-up which included deals of 16,456 sq ft to Autism Initiatives at Sefton House, North Liverpool and 6,100 sq ft to QA Flooring at Hurricane Court, South Liverpool.

OTHER


TRAINING

FINANCIAL / BANKING

PROFESSIONAL

PUBLIC SECTOR

23.1%

26%

0%

26.6%

22.6%

1.7%


OFFICE SUPPLY: CITY FRINGE AND OUT OF TOWNTHERE WAS 1,153,578 SQ FT OF VACANT OFFICE SUPPLY IN THE CITY FRINGE AND OUT OF TOWN MARKETS IN 2015 WHICH IS A DECREASE OF 246,939 SQ FT FROM 2014 AND 380,593 SQ FT IN 2013. AS WITH THE COMMERCIAL DISTRICT, THIS CONTINUES TO REFLECT THE RELATIVE LACK OF NEW SUPPLY TO THE OFFICE MARKET.

There is now 151,178 sq ft of Grade A space which is a fall of 15% when compared to 2014. South Liverpool continues to have the most Grade A space available with 80,750 sq ft, the same as 2014, and 83,372 sq ft of Grade B space which is a small fall of circa 3,000 sq ft from 2014.

North Liverpool saw a large fall in the availability of Grade A space to 16,472 sq ft which is down 50% compared

to 2014. Grade B availability in North Liverpool remained static at 34,983 sq ft.

The City Fringe has seen Grade A availability fall by 21% from 2014 to 33,200 sq ft whilst Grade B availability has increased by 19% to 346,778 sq ft. The main reason for this increase in availability is the new additions of The Department and Watson Building which provide just under 150,000 sq ft of high quality Grade B office space.

As with 2014, Knowsley and St Helens have no Grade A supply whilst supply of Grade A offices in Bootle/Waterloo and Wavertree has stayed relatively static at 8,656 sq ft and 12,100 sq ft respectively.

In terms of Grade C supply, Wavertree enjoyed a decrease of 35% to 151,783 sq ft - largely as a result of deals at Liverpool Innovation Park to AIMES Grid Services and Mersey Care NHS Trust. Bootle also saw a fall in Grade C availability of 33% to 117,861 sq ft largely as a result of the conversion of Daniel House to student accommodation.

City Fringe Grade C availability reduced by 57% to 58,333 sq ft which was mainly the result of the refurbishment of Watson Building and also the continuing trend for office to residential conversions in the Rodney Street and Seymour Street areas.

GRADE A

GRADE B

GRADE C

32%

13%55%

15


Rental levels have remained remarkably consistent to the previous three years with headline rents at £20.50 per sq ft for Grade A space within the Commercial District and Grade B* now regularly achieving £15.50 -16.50 per sq ft. The Grade B market has seen some consolidation with headline rents at £12.00 - £13.50 per sq ft.

As in 2014, out of town rents continued to plateau in 2015 with typical rents of below £11.00 per sq ft, although significantly, there were hardly any Grade A deals. The highest rents of £13.00 per sq ft were achieved in Wavertree. North Liverpool achieved £11.00 - £11.50 per sq ft.

In recent years we have seen an uplift in the number of building transactions and the trend looks set to continue in 2016. The largest transaction in 2015 was the prime investment sale of the Port of Liverpool Building in December for £27.6m at NYI of 6.75%. Other key transactions included Regian House, James Street (80,833 sq ft) in December 2015 for £7,900,000 at NYI 7.5% and 5 Temple Square (40,736 sq ft) in August 2015 for £5,675,000 at NYI of 8.7%.

There were a small number of transactions for vacant office buildings which included Nations House, Stanley Hall and The Temple which will be retained as office space. The sale of 60 Old Hall Street also completed although it is subject to change of use and will principally provide residential space and serviced apartments.

RENTAL VALUES

BUILDING TRANSACTIONS

Largest transaction in 2015, Port of Liverpool Building.

OUR SPECIAL THANKS GO TO...

ACCREDITATIONThis report has been compiled by members of the Property Group of Professional Liverpool with assistance from the Liverpool BID Company.

NOTE ON TERMINOLOGY For the purposes of this research, Grade A space was defined as office space completed since 1st January 2011; Grade B space as office space completed before 1st January 2011 or other accommodation recently refurbished or due to be refurbished. Grade B* is higher specification including air conditioning and raised floors. Grade C as unrefurbished but ready for occupation. Grade D is office space which could not be occupied without substantial refurbishment, and where no plans exist for such refurbishment.

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