Office take-up for the first quarter of 2023 reached a total of 326,997 sq ft across Leeds. Activity was particularly healthy in the city centre market with demand from the financial & insurance services sector underpinning a strong set of figures.

In Leeds city centre 266,714 sq ft of take up across 34 deals was recorded in the first 3 months of the year, a 116% increase compared to the same period in 2022. The largest city centre deal was to Lloyds Banking Group who took 124,400 sq ft at MEPC’s 11/12 Wellington Place where construction was completed in January. The other notable deals in the city centre were Markel Insurance’s pre-let of almost 20,000 sq ft at McAleer & Rushe’s City Square House and the Freehold acquisition of the 16,500 sq ft 8 St Paul’s Street by W Denis for their own occupation.

Out of town, the market was quieter with a total of 60,283 sq ft transacted in 18 deals, which was approx. 40% down on the corresponding quarter last year. The largest lettings were the single-let of Cast House at 19,827 sq ft and the 12,414 sq ft letting to Hi-sense at White Rose Park.

Occupier demand continues to be largely focussed on Grade A space delivering the highest quality and most sustainable environment. This is demonstrated by the success of the latest, prime city centre developments. Only 19,000 sq ft out of a total of nearly 210,000 sq ft of office space remained available on PC at 11/12 Wellington Place with the balance either pre-let or under offer. This building was designed to be BREEAM Outstanding, EPC “A”, net zero carbon in operation and NABERS 5 star and has attracted occupiers such as Lloyds Banking Group and Arup.

City Square House, which is c. 140,000 sq ft and due to PC in Q3 this year is designed to be BREEAM Excellent and EPC “A” and is now over 75% pre-let following commitments by DLA Piper and Markel.

Read the full report here.