Data just released from Bilfinger GVA has shown that office lettings in Liverpool during Q1 2016 have shot up above the five year average. In total, the city centre office core saw some 90,000 sq ft of lettings during Jan – March 2016, compared to a quarterly average of 80,000 sq ft over the past five years.
The huge bump in demand for office accommodation in central Liverpool indicates growing pressure on the city’s housing stock. Not only was the Q1 2016 figure above average, but so too were the lettings figures during Q3 and Q4 2015, both of which were above 100,000 sq ft.
As new companies move into the thriving city centre – and existing companies expand the amount of space they lease – housing experts are watching closely to see the reaction of the local residential property market. Liverpool city centre living is much in demand, with young professionals and their families seeking a central location from which to live, work and play.
According to the January 2016 Liverpool Economic Briefing, private sector jobs in the city grew by 8.1% between 2009 and 2014 and the increased take up of office lettings in late 2015 and early 2016 indicates that this growth is continuing apace. At the same time, resident earnings have risen significantly: by 47% from 2002 to 2015, according to the briefing.
With more jobs available and more money to spend, many professionals have chosen to opt for a city centre lifestyle. This has created a surge in demand for Liverpool buy-to-let properties, particularly in and around the huge waterfront regeneration area.
As the business community continues to expand, the demand for such residences is expected to increase further, making Liverpool a particularly attractive city in terms of those looking for a profitable buy-to-let investment.
Contact the Prime Centrum team today for further details.
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