Leeds take-up passes 700,000 sq ft mark

Figures released by the Leeds Office Agents Forum show 209,746 sq ft was let in the third quarter of 2023, taking the year’s total to 724,853 sq ft, 7.7% up on 2022’s figure.

By the end of Q3 in 2022, 673,201 sq ft had been transacted. The volume of city centre space transacted in Q3 in each year was roughly the same however, with 136,915 sq ft let this year – across 31 deals – and 137,376 sq ft in 2022.

The out-of-town market saw 72,831 sq ft signed for across 28 office deals in the quarter, the largest deal being at Thorpe Park, where BigChange took 12,391 sq ft.

The two largest city centre lettings in this quarter were both concluded at 4 Wellington Place. Law firm Irwin Mitchell committed to 27,470 sq ft and RELX to 12,334 sq ft.

Elsewhere, other 10,000 sq ft-plus deals included Leigh Day, Azets and JLL all committing to grade A space.

Speaking on behalf of LOAF, Fox Lloyd Jones director Nick Salkeld said: “The continued city centre demand, particularly for Grade A accommodation, has starved the market of quality new or refurbished stock and driven prime quoting rents up to £38 per sq ft.

“The year-to-date activity is encouraging and with a number of large deals expected in the final quarter, we are anticipating a strong finish with full-year city centre take-up set to surpass the five-year average.”

Robin Beagley, partner at WSB, added: “We saw a 42% increase in take-up across the out-of-town market compared with the equivalent quarter in 2022.

“With improving demand for both premium Grade A and cost-effective workspace we expect this healthy level of activity to continue and anticipate 2023 take-up will easily surpass last year’s full-year total of 210,998 sq ft.”

Leeds Office Agents Forum members are Avison Young, BNP Paribas Real Estate, Bowcliffe, Carter Towler, Carter Jonas, CBRE, Colliers, Cushman & Wakefield, Fox Lloyd Jones, JLL, Knight Frank, Lambert Smith Hampton, Sanderson Weatherall, Savills, and WSB.