Q1 Leeds office market take-up reached 190,000 sq ft across 45 deals in the first three months of this year.
In the city centre, 22 deals totalling 145,000 sq ft were concluded in Q1 including five transactions over 10,000 sq ft in size. The principal deals included a new entrant to Leeds, the contact centre, TTEC who took 22,367 sq ft in West Gate and the 15,799 letting to Interactive Investor, which was the first letting at One Embankment which is currently undergoing refurbishment.
The purchase of Cloth Hall Court by the University of Leeds for office & conference use once again demonstrated keen demand from owner-occupiers for well-located, city centre buildings.
The out-of-town market saw a healthy number of deals (23) but a churn of sub-3,000 sq ft transactions dominated activity. As a result, total out of town take-up was muted with just 45,286 sq ft of space let.
Demand for city centre office space came from a range of different businesses including digital, educational and financial services which is an encouraging sign for the future resilience of the market.
Whilst the take-up figures showed a dip in activity on the same period last year, the Covid-19 “lock-down” towards the end of the quarter caused a number of occupiers to press pause on their acquisition of new office space with a corresponding impact on take-up.