Leeds market focus

The latest Colliers International report on the Leeds office market revealed a quiet summer 2016 with only 73,100 sq ft of transactions across 25 deals. Some of the larger deals included Plexus Law taking 14,500 sq ft at Joseph’s Well, Slater & Gordon taking 10,000 sq ft at 2 City West, NHS Property taking 10,000 sq ft in Horsforth and Addleshaw Goddard nearly 8,000 sq ft at 3 Sovereign Square.

Total first half take-up in 2016 reached nearly 200,000 sq ft helped by Sky Bet taking 39,600 sq ft at 6 Wellington Place, RSM pre-let 25,000 sq ft at Central Square and Dentsu Aegis secured 13,800 sq ft at the newly refurbished 6 East Parade.

Local agents predict that the Leeds office market will remain slow due to occupier uncertainty and limited upcoming lease events, although there remain a number of active enquiries within the marketplace.

Metropolis is tracking around 40 companies looking for office space in the Leeds area, including HMRC Hub, Willis Towers Watson and Dart Group/Jet2 and some substantial requirements in the professional services sector. In addition, there are around 40 companies approaching lease expiries in 2017 where decisions are yet to be made, including a number of software groups. Further ahead, over half a million sq ft of lease events are scheduled in the next few years

New schemes launched in Leeds earlier this year include 6 Wellington Place, 6 East Parade and 120 Wellington Street. A further 500,000 sq ft has just been completed including 69,000 sq ft at 6 Queen Street, 75,000 sq ft at 5 Wellington Place and 200,000 sq ft at Central Square. Speculative schemes at Kirkstall Forge and Thorpe Park are set to boost grade A availability in the future.

 

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