Total Leeds office market take-up in Q1 reached 378,508 sq ft as activity rebounded in both the city centre and out of town markets.

The out-of-town market witnessed the largest Leeds business park pre-let since the Leeds Office Agents Forum (LOAF) commenced keeping records as financial services sector company Lowell Group confirmed their commitment to move to a new building of over 133,000 sq ft at Thorpe Park.

Likewise, demand for offices in the city centre was robust with Q1 take-up 17%  higher than the equivalent quarter last year. The supply of offices in the city centre is rising and the total vacancy rate lies roughly between 6.50 and 7.50%.

Leeds’s market should continue to  prosper on the back of the recent inward investment successes. We expect that the “flight-to-quality” will continue with Grade A space dominating  city centre take-up as companies use the office environment as a tool with which  to help attract and retain the best staff.

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