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Leeds offices market inform Q1 2015

Marketing / 8 May, 15

Download Inform Q1 2015

City centre take up for Q1 2015 was lower than anticipated and stood at 87,689 sq ft over 28 deals. This is due to two large pre-let deals that didn’t sign in the first quarter as expected.

Q2 is already set for much healthier transaction levels as it has since been announced that law firm Addleshaw Goddard has now signed its long-predicted pre-let on 51,000 sq ft at 3 Sovereign Square.

Out of town take up stood at 59,540 over 23 deals. There are a number of unsatisfied occupier requirements in the Leeds out of town market which should boost future take-up levels, and there is an increasing number of freehold enquiries from owner-occupier businesses.

The largest transaction of the quarter was the letting of c.17,000 sq ft to FDM Group at No1 Whitehall Riverside, with a headline rent of £26.00 psf. This is arguably the best “standing” stock available in the City today and the deal confirmed the current benchmark rent for prime stock in the city.

Another notable deal in the quarter was the letting of c. 16,000 sq ft to Leeds Building Society at the newly refurbished City Exchange, with a rent of £19.50psf.

Topics: News

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