Everyone must pull together in tough times to secure a brighter future; IN ASSOCIATION WITH Rensburg Sheppards Location View point.

Byline: by Mike Stares, Director, Rumford Investments

THE year 2008 was great for Liverpool.

Capital of Culture status helped reaffirm the city as a premier European destination.

Unfortunately, it can be argued that the economic stepping stone that Capital of Culture status potentially afforded Liverpool has been diminished by the current global economic recession.

Despite Government efforts and initiatives, the markets appear to have been in freefall recently. The unavailability of finance from the banks has glued up the system. Those with finance are sitting tight. Those without are at best static and at worst in severe difficulty.

As a London-based company, we have seen Liverpool raise the bar in so many ways since we first started on our development projects here.

When we originally acquired our Rumford Place and Chapel Street sites, in 1996, only the brave would have predicted that the penthouses that sit at the top of Unity would sell for pounds 1.5m each.

We certainly did not make such a prediction then, but it is an indicator as to how far the city has come and how fortunes have changed.

The quality of city centre office space now available, both new and refurbished, is also so very much higher than in the past, and rental values have increased accordingly.

It is a shame that business occupiers that are new to the city have as yet proven elusive. Much of the take-up of office space has been from existing businesses seeking to move within the city centre.

Liverpool's inward investment agencies will have their work cut out even more now than before to attract new business. However, arguably Liverpool remains attractive as rental values are still lower than neighbouring cities.

Notably, there was a recent newspaper report that office rents in Mayfair have fallen from a peak of pounds 120 per sq ft in 2007 to pounds 85 last year, and I am sure that 2009 will see a further fall.

Hopefully, businesses that are looking to cut their costs will consider relocation to Liverpool on this basis. The city is in a strong position to make the most of the downturn.

At 20, Chapel Street we are chasing a number of enquiries and are always happy to talk to potential occupiers about rental levels and total occupational costs.

These are unusual and difficult times, but if developers, agents and Liverpool's inward investment agencies pull together Liverpool can make the most of these turbulent times and secure a brighter future.