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Leeds Office Market Report Q1 2019

Richard Dunn / 25 Jul, 19

Leeds city centre take-up reached 222,318 sq ft which was an increase of 15% on the equivalent quarter last year and 65% up on the preceding quarter. There were 39 deals in total including 6 transactions over 10,000 sq ft. The largest was a letting to Link Asset Services who are re-locating from Wakefield and Huddersfield to Central Square in a 71,000 sq ft deal which means that the building is now fully let.

The other deal of significance saw consultant WYG sign for 21,000 sq ft at 3 Sovereign Square and who will move its HQ into the city centre from Headingley. The purchase of Quayside House by Unite underlined the strong appetite from owner-occupiers for well-located, city centre buildings.

At present there is only one Grade A building that can accommodate a requirement of 40,000 sq ft during 2019. This has led larger occupiers to seek out pre-lets in order to satisfy their future requirements and there are a handful of such occupiers active in the market at present.

The Government Hub announced its move in 2017 and will open in the next 12 months. In addition, Channel 4’s headquarters will move to the city and 200-plus staff to the region, with the headquarters and studio expected to be fully operational by 2023. The new site will house ‘key creative decision-makers’, and will be home to a ‘digital creative unit’ to make material for online platforms and social media.

View the report

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