Commercial District
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Liverpool was once one of Britain's, and the world's, great commercial centres. It was a vibrant economic hub, and was home to major shipping, banking, legal and insurance companies that operated across the globe.
During the latter half of the 20th century, the city suffered gradual economic decline. But since the start of the 21st century, the its fortunes have significantly turned around. Liverpool Vision sees a new City Centre business district as one of its core aims.
Key to Liverpool's future success is the revival of its commercial economy and district. The city has done well during the national slow-down in commercial letting activity. In recent years, take-up rate in the city has doubled what it was in the whole of the 1990s. Total office take-up in 2005 reached 498,391 square feet. A new record for Liverpool. The city is now one of the largest office markets in the UK.
However, we need to improve the quality and quantity of new office space being built. Liverpool needs a growing supply of modern, flexible, high quality offices. This is so that we can meet the growth needs of current business and attract new blue chip companies here.
In 2002, a study carried out for Liverpool Vision showed that up to 1 million square feet of new grade A office space would be needed in the City Centre over the next ten years. By 2007, we are already well on the way to going over that target.
The last few years have seen the completion of some major new developments:
- In 2004, Beetham's 101 Old Hall Street scheme was completed. It provided 140,000 square feet of new space;
- Between 2000 and 2004, three new office buildings were completed at Princes Dock. These have now been fully let. 12 Princes Dock, the most recent to be finished now houses a number of large companies;
- In Spring 2006, the City Square project in Tithebarn Street was finished. Over 100,000 sq feet had been pre-let in 2004. This was the largest office letting in Liverpool's history. It also set a new record rental level for office space in the City Centre;
- Rumford Investment's Unity development in Chapel Street was completed and opened 1st December 2006. This mix of apartments and a 147,000 square feet office building is trying to attract blue chip companies, and is expected to set a new record for City Centre rent values;
- Due for completion in early 2007 is the first phase of English Cities Fund's St Paul's Square. This office-led project will deliver 350,000 square feet of new space.
- Liverpool Vision and its partners are also promoting a new plan that will greatly expand the core Commercial District and help the City's continuing economic recovery. The plan is to turn a 13 acre brownfield site behind Mercury Court into a new commercial quarter with 1 million square feet of Grade A office space, apartments and a new public square.
For the first time in several decades, Liverpool's office economy will see both huge and sustainable growth. This will help the city to re-establish its status as one of the UK's premier business places.