Q4 2016The Leeds office market tabled total take-up of 138, 624 sq ft in Q4 of 2016.
Leeds City Centre take-up totalled 109,682 sq ft across 30 transactions. The largest transactions of the quarter saw Medical Protection Society acquire 22,685 sq ft at 1 Victoria Place, and BDO LLP take 12,755 sq ft at Central Square.
Out of Town take-up totalled just 28,942 sq ft (Q4 2015: 98, 490 sq ft), in what continues to be a challenging period for the out of town market. Across the 21 out of town transactions, the largest saw SD Taylor Ltd take 6,105 sq ft at Turnberry Business Park in Morley.
Total 2016 take-up in Leeds city centre stood at 430,000 sq ft, compared with 679,000 sq ft in 2015. Full year activity in the out-of-town market was recorded as 312,000 sq ft compared with 268,000 sq ft from the previous year.
Head of office agency at our Leeds office, Richard Dunn, said, “Although take-up in 2016 was below the 10 year average, against the backdrop of the decision to leave the EU, this was not unexpected.
“Looking forward to 2017, Brexit may lead to an increased emphasis on reducing costs for UK businesses which could manifest itself in further “northshoring” of back-office functions to Leeds’ benefit.
“In addition, transactional levels will be boosted by the deals which slipped from Q4 together with the planned GPU “hub” & forthcoming lease events.
“I expect the market to be busy over the next six months with a positive upswing in take-up and further growth in prime rents.
Click here to download the full Q4 2016 Leeds offices market update.