Leeds town hall and skyline

Take up remains positive for the Leeds office market

In February this year, NovaLoca looked into the rise of the Leeds office market. The last quarter of 2015 saw an exceptionally large growth with take up reaching 267,187 sq ft which is just a fraction below the highest quarterly take-up ever recorded in Q4 2014.

A total of 680,100 sq ft of office space was transacted across the full year from within the city centre. There were five city centre deals of more than 10,000 sq ft during the year which included the pre-let to Sky at Leeds Dock, totalling 62,000 sq ft.

Take up has remained positive in the Leeds office market despite any affect from the EU referendum. According to recent research conducted by Bilfinger GVA named the ‘Big Nine’ report, there was a dip in activity in Q2 of 2016, but this was in line with the rest of the country. Matthew Tootell, director of offices at Bilfinger GVA Yorkshire, said: “The second quarter of 2016 has held up reasonably well, all things considered.  To date there has been some significant deals completed in Leeds and there remains demand for high quality grade A city centre office accommodation, with deals in the pipeline due to land in the next quarter.”

According to Tootell, out of town uptake has also experienced an improvement in activity. Slater & Gordon have completed at 2 City West taking approximately 10,860 sq ft. The NHS has also committed to 10,826 sq ft at WIRA Business Park. Alongside this, corporate law firm Addleshaw Goddard is increasing its presence at 3 Sovereign Square by 8,000 sq ft, increasing from the 51,000 sq ft already occupied.

3 Sovereign Square, Leeds

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