Leeds offices market update Q1 2017-page-001
View our Leeds Offices Market Update for Q1 2017.
The Leeds office market take-up in Q1 stood at 160,679 sq ft which reflected a 22,055 sq ft increase on the preceding quarter.
In Leeds city centre, take-up totalled 104,936 sq ft, across 22 transactions. There were two significant lettings over 20,000 sq ft with the largest city centre transaction being the letting of 25,985 sq ft at 5 Wellington Place to Willis Towers Watson. The other letting of note being BW Legal’s acquisition of 1 Apex View for their sole occupation.
In the out of town market, take up reached 55,743 sq ft across 20 separate transactions compared with just 28,942 sq ft in 21 deals during Q4 last year. The two principal transactions were the 10,200 sq ft letting to Bellway Homes at 2150 Century Way, Thorpe Park and the freehold acquisition by Clayton Holmes Naisbitt of 1 John Charles Way.
Head of office agency at our Leeds office, Richard Dunn, said, “There was a steady start to 2017 as inward investment related requirements, in particular, continue to appear to be affected by lingering Brexit-related uncertainty.There are however signs that the Leeds market will weather some of this inertia, with some significant, and as-yet-unsatisfied, requirements due to sign later this year.
“In terms of supply, occupiers continue to have a broad-spectrum of choice in terms of Grade A and refurbished office space, but I believe there is a relative lack of good quality, genuinely characterful space with occupational flexibility.”