A total of 289,524 sq ft of office space was transacted in the Leeds market during the first quarter of 2024.

In the city centre, the first three months of the year saw 30 transactions complete, totalling 249,984 sq ft. This reflected an average deal size of 8,333 sq ft and a 123% increase in space taken compared to the last quarter of 2023. Whilst the total level of space transacted was lower than the equivalent quarter in 2023, there was a healthier spread of good-sized deals than Q1 2023 where the large pre-let to Lloyds Bank of c. 125,000 sq ft dominated the take-up.

The largest deal saw QBE sign a pre-let at Bruntwood’s West Village for c. 38,000 sq ft and there were seven transactions in excess of 10,000 sq ft. The other notable deals in the quarter were Global Banking School taking 29,407 sq ft being the whole of 1 Wellington Place and the UK Infrastructure Bank signing for 28,729 sq ft at 2 Whitehall Quay.

Demand for city centre workspace came from a range of sectors including Banking, Insurance, Professional services and the public sector. The flex operators were also active as Orega took a floor of 25,758 sq ft at Broadgate and Wizu took a lease of the whole at 55 St Paul’s Street in the traditional core.

Out of Town, the market was much quieter, and this subdued activity reflects the lack of superior quality office stock now available. The largest transaction saw Torsion Group acquire the freehold of Tomlinson House at Capitol Park in an 11,153 sq ft deal.

Occupiers want the best quality & most sustainable space – almost 91% of all city centre office accommodation transacted in Q1 was for Grade A space

Read the full report here