LOAF: strong start for Leeds centre while out-of-town skyrockets

The data has been crunched, and the Leeds Office Agents Forum report for Q1 take-up shows 25 city centre deals took place, with Network Rail’s Princes Exchange deal topping the list at 108,576 sq ft.

In total, 241,282 sq ft of city centre space was transacted in the first quarter of 2025, compared to 249,703 sq ft during the same period for 2024.

Network Rail’s purchase of Princes Exchange, which stands adjacent to Leeds City Station and will be used in part for its own offices.

Other significant city centre deals included two at 3 South Bank Street at Aire Park, where 23,270 sq ft was let to Interactive Investor and TPT Retirement Solutions signed up to 23,261 sq ft.

Leeds’ out-of-town market also performed strongly, with 94,861 sq ft of take-up recorded across 26 deals – representing a 140% increase on Q1, 2024.

Jay Dhesi, senior surveyor at Sanderson Weatherall, commented: “Prime Grade A office rents continued to edge upwards and given a shortage of supply in the short term, further evidence of lettings at rents in the early £40’s per sq ft is likely in the near future.”

Ellie McCollin from CBRE said: “The out-of-town market continues to build on last year’s strong momentum and a move towards premium office space is underlined by the largest letting in the suburbs this quarter – 2 Work’s commitment to 19,513 sq ft at White Rose Park.

“The second largest letting saw Trimble UK secure 13,617 sq ft at Trimble House on Gelderd Road.

“Given the upward pressure on rentals in the city centre and reducing office supply, it is possible that further city centre occupiers might look to the best out-of-town locations to satisfy future requirements.”

The Leeds Office Agents Forum is made up of representatives from 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.