Despite Merseyside experiencing a very difficult economic
period, there are some signs of improvement for its commercial
property sector.

A recent report described that many North West commercial property
spaces are in "intensive care" following downturns in
consumer spending. Retail districts in Birkenhead, Southport and
Bootle have suffered particularly badly, with
Colliers' Midsummer Retail report showing that
retail rents have fallen dramatically of late.

Average retail rents in Birkenhead have fallen by 27.3 per cent
since 2008, with Bootle falling further at 28.6 per cent, and
Liverpool declining 17.2 per cent over the same period. The North
West saw retail rents fall by 5.5 per cent in the past year
alone.

However, prime locations still appear to be holding their own;
major shopping centres appear to be out performing secondary
locations, with Liverpool's new 'Liverpool One' centre performing
particularly well, with vacancy rates as low as two per cent.

Liverpool's recession has been helped by significant European
Union investment as a result of being awarded the European Capital
of Culture award in 2008. The award has seen a number of new
commercial buildings appear; creating new jobs and encouraging
further investment.

Despite recent difficulties, developer St Modwen will soon start
work on its £150m Project Jennifer proposal in the Great Homer
Street area of the city next year:

"This major regeneration project has planning consent for
200,000 sq ft of retail, including a 110,000 sq ft Sainsbury's
store, 80,000 sq ft of industrial, 480 new homes and a new market,"
said a St Modwen spokesperson.

"We anticipate starting on site with this first phase in 2014,"
they added.

Liverpool is now trying to compete with Manchester as the digital hub
of the North West, encouraging technology firms to move to the area
and creating University courses to offer marketing and technology
related degree courses.

Kevin McManus, of Liverpool Vision's creative agency, ACME,
said:

"We need to be smarter and a bit more like Manchester in saying
we have got some great companies here, some great people here.

"It isn't just about Liverpool Vision saying 'we're great' - it
needs to be from the sector as well."

If Liverpool can offer businesses a highly-skilled, creative
workforce with opportunities to sell their goods and services,
there is no reason why the city cannot see an improvement in
commercial property fortunes sometime soon.

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