Leeds Office Take-Up Remains Strong

Leeds office take-up levels have remained strong in the third quarter of 2018 according to the Leeds Office Agents’ Forum (LOAF).

The Leeds’ city centre office market recorded 191,464 sq ft of take-up in the third quarter (Q3), taking the year-to-date total is 528,654 sq ft.

City centre activity across the three months from July to September was buoyed by two lettings at 3 Wellington Place, with HMRC agreeing terms on 60,000 sq ft of space and accountancy firm Mazars taking 13,000 sq ft. Of the 39 city centre transactions to complete, four were over 10,000 sq ft.

This compares to the 557,990 sq ft recorded by the end of September 2017, a total which included the 378,000 sq ft GPA deal.

The Forum expects the end of year total will be in the region of 700,000 sq ft.

leeds property investment

Roddy Morrison, from Colliers International and LOAF spokesperson, said: “The positive momentum has continued in Q3 and, given the number of active occupier requirements, the Leeds office market looks set for another stellar performance.

“Leeds is one of the regional cities in the running for Channel 4’s ‘National HQ’ outside of London and, if the broadcaster decides on our city, it would further underpin the quality of offering available within Leeds and help accelerate the case for further investment and development.”

Jill Goodman, from GVA, added: “HMRC’s acquisition was a sizeable letting, in the context of Leeds market, and leaves a limited amount of standing Grade A product available in the city centre. To satisfy future occupier demand, it is critical we see a response to this continued appetite for good quality product. With only around 66,000 sq ft under construction, which has not already been prelet, the onus is on developers to address the lack of new offices coming through.”