The Rare Gang

New leases for office space declined by 36% in Liverpool last year, particularly in the last three months as the Liverpool market felt the full impact of the shortage of credit.

However, the good news is that this year has started very well and some argue that the credit crunch has brought a wealth of opportunity for businesses looking to relocate or expand their business, and with the slump in commercial rents recently reaching a 16-year low commercial estate agents are now offering office space at a fraction of what it used to cost - click here if you are considering relocation or office refurbishment.

Mann Island, will become the business home of, Merseytravel, which is about to commit itself to renting 140,000 sq ft. and the UK Border Agency will sign a lease for 200,000 sq ft in Liverpool’s central business district, at the Capital building at Downing. This has been renovated to a high quality, said to be the same as new office spaces.

It can be argued that Liverpool still has to catch the attention of an important private sector client, which will require new business accommodation, the Border Agency and Merseytravel being both public-sector. Nonetheless, in today’s economic climate, all lettings can be regarded as a success.

St Paul’s Square and 20 Chapel Street are the only top grade office space currently available. A government tax on vacant accommodation, tighter environmental requirements and a shortage of loans from banks, mean that more space will not become available in the near future. Liverpool may simply not have office space to offer to major private sector businesses.

It looks like corporate guests will be drinking beer, not Pimms, at this year’s Liverpool International Tennis Tournament, now that Cains, a local brewer, is the top sponsor. The company was recently saved from administration by the Dusanj brothers. Northern Vision, the organizers, says that corporate bookings have already reached 85%.