Avison Young’s 2021 Forecast Liverpool highlights the city’s growing reputation as a centre for excellence for life sciences, as well as its potential ‘free port’ status as opportunities for growth post-lockdown.
Avison Young’s 2021 Forecast Liverpool is part of a series of city reports, which explore the evolving realities of the UK commercial real estate landscape in the coming year. The report highlights key trends affecting Liverpool, informed by data-based insights and sector specialist advice as part of Avison Young’s 2021 Forecast campaign.
Prior to the onset of Covid-19, Liverpool was achieving strong growth relative to both the North West region and the rest of the UK, with the promise of ‘levelling up’ a source of optimism for the city.
The expanding Knowledge Quarter, which is already home to a number of world-renowned leaders in infectious disease, digital health and advanced manufacturing, will be critical to attracting more like-minded businesses and investment into the city in 2021. The Government has also committed to moving 22,000 civil service jobs out of London and – aligning with Liverpool’s strengths in life sciences – the likes of NHS England has been identified as a potential new mover to the city.
Possible increased trade between the UK and US following Brexit, as well as the bid for ‘free port’ status, also adds to the positive outlook for both Liverpool Port and the city region as a whole, which will be looking to bounce back to pre-Covid economic strength with employment growth forecast to be the second highest in the North West region by 2023. If successful in its bid, the ‘free port’ would provide advantageous tax conditions, potentially providing a catalyst for development opportunities in the immediate and surrounding areas.
Elsewhere, other opportunities for increased inward investment could come in the form of the increased reshoring of call centres, as businesses with overseas offices look to bring operations back to the UK due to challenges being faced during the pandemic.
Liverpool’s strong cultural offer, as well as its strengths in retail and leisure, which have continued to adapt to the changing and challenging landscape, will ensure that it remains attractive to occupiers and residents.
Stephen Cowperthwaite, principal and managing director at Avison Young in Liverpool, said: “After this latest period of lockdown, although recovery will take time, the resilience
demonstrated by the local economy, as shown by the UK Cities Recovery Index, means that there is a firm foothold to launch Liverpool’s recovery in 2021.
“Some trends, such as an increase in flexible working and deglobalisation, shifts that were already taking place but have been accelerated during the pandemic, are here to stay. But as a city, we know where our strengths lie and that allows us to hone in on those sectors and show the world that Liverpool is primed to bounce back.”
Avison Young will be hosting this year’s 2021 Forecast Liverpool webinar on 4th February where, along with a panel of influential city leaders, it will discuss the key themes that are impacting the region in more detail. Details of the event and how to register to join, can be found on the Avison Young website.