Office space in the centre of Liverpool is now the cheapest in the country, it has been revealed.
A new report conducted by CB Richard Ellis (CBRE) shows that total occupancy rates, which includes office rental, currently stand at just £31.50 per square foot, the Liverpool Daily Post reports.
This represents a decline of 3.1 per cent over the last 12 months and means that Liverpool is likely to be increasingly attractive to companies looking to relocate. The falling rental costs in the city are also likely to prompt companies to take advantage of the conditions to upgrade to better premises.
Mark Worthington, director of office agency at the North West division of CBRE, said: “With schemes like St Paul’s Square, Liverpool is now able to offer top-quality office space comparable with anywhere else in the UK but at a significant discount.
“This cost difference, together with cheaper staff costs, is helping to make Liverpool a serious contender for inward investment.”
By way of comparison, the average occupancy cost in the City of London is £72.25 per sq ft, while in Manchester the figure is £44.50 per sq ft.