LOAF figures show a resilient Leeds office market in 2024
Leeds recorded 929,470 sq ft of deals during 2024, marking a 2% increase compared to 2023.
The largest of the 113 city centre deals signed in 2024 was with the Leeds NHS Teaching Hospitals Trust, who committed to 43,731 sq ft at Joseph’s Well.
The final year-end take-up total for the city centre was 653,410 sq ft, 13.67% higher than the five-year average.
In the out-of-town market, 282,745 sq ft of deals were recorded across 2024, representing a 9% increase on the previous year’s figure of 259,098 sq ft.
In the last three months of the year, Leeds city centre office take-up reached 157,706 sq ft across 27 deals, 40% higher than the same period in 2023.
Among the key city centre transactions, x+why’s commitment to 33,990 sq ft at Bridgewater Place was the largest.
Another notable letting was Evoke Studios, who took 27,772 sq ft at West Village.
Charles Preston, senior surveyor from Colliers, said: “Prime rents in central Leeds continued to grow last year, and we anticipate further growth this year due to the lack of proposed future speculative development in the city, together with the quality of recently completed and committed buildings.
“Businesses this year will continue focusing on creating flexible and sustainable workplaces. Leeds is set to remain a competitive and dynamic market for occupiers and investors alike.”
The out-of-town office market delivered a healthy performance in Q4 2024, with take-up reaching 83,560 sq ft across 27 deals.
This was a 14% increase compared to the same period in 2023. Just one deal over 10,000 sq ft was recorded, with SSE Services Plc agreeing to take 10,748 sq ft at 3200 Century Way, Thorpe Park.
The next largest transaction was SPS UK&I taking 8,946 sq ft at The Green Building.
Nick Gibby, associate director from JLL, added: “The letting with SSE Services underlines the continued importance of amenity-rich business parks in the out-of-town market.
“Whilst prime rents did not increase over the quarter, several transactions were agreed at rents over £20/sq ft, underlining the importance of the region’s suburban office markets.”
Members of the Leeds Office Agents Forum include Avison Young, BNP Paribas Real Estate, Carter Towler, Carter Jonas, CBRE, Colliers, Cushman & Wakefield, Fox Lloyd Jones, JLL, Knight Frank, Lambert Smith Hampton, Sanderson Weatherall, Savills, and WSB.
