Figures compiled by the Leeds Office Agents Forum (LOAF) reveal that a total of 185,651 sq ft of office space was transacted in Q4.

Four city centre deals in excess of 10,000 sq ft occurred in the final quarter, the largest being Barnett Waddingham’s pre-let of 13,466 sq ftg at City Square House. Other notable deals included Freeths at Central Square and Northpoint Wellbeing at the Small Mill.

End of year take up in the city centre reached 651,461 sq ft, which is the highest annual total since 2019 and with an average deal size of 5,195 sq ft. Grade A space continues to make up the majority of space taken accounting for 73% of all space transacted.

Out of Town take up in Q4 stood at 73,379 sq ft which was on a par with the previous quarter and approx. 21% up on the corresponding period last year. There were three deals in excess of 10,000 sq ft including Quiba’s purchase of the 12,298 sq ft unit 4 Temple Point at J46 of the M1. The year end figure for 2023 in the Out of Town market stood at 259,098 sq ft.

Demand from businesses in the Professional Services sector was the strongest, accounting for 30% of total city centre take-up, and the Banking and Financial Services sector contributed to 29%. We are however seeing occupiers downsizing their requirements when moving premises, typically by between roughly 20-30%, as the effect of more flexible ways of working are addressed. Occupiers are however trading up when it comes to quality and price with a healthy level of demand from a broad church of end users who are focused on the best quality, most sustainable, flexible and conveniently located work space.

Read the full report here