Office take-up for the first quarter of 2022 reached a total of 228,897 sq ft across Leeds. Total activity was healthy in both the city centre and out of town markets and with demand from a broad spectrum of business sectors including professional services, flex/serviced operators and business support/outsourcing.
In Leeds city centre 123,463 sq ft of take-up across thirty-two deals was recorded in the first three months of 2022, a 27% decrease compared to the same period last year. However, the first quarter last year benefited from the major pre-let to DLA Piper and overall market activity was better in the start to this year than Q1 last year with 32 deals concluded as opposed to 19 in Q1 2021.
Supply
Figures recently collated by the Leeds Office Agents Forum (LOAF) placed Grade A supply at approx. 803,000 sq ft with circa 531,000 sq ft of this total currently under construction and due to complete over the next 24 months. This is a mixture of new-build and new refurbishments and equates to roughly 32 months average, Grade A take-up.