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Spotlight: Leeds Office Market – Winter 2017

Research Article

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With a tight supply schedule and only one newbuild speculative development under construction, competition will intensify among occupiers for Grade A space

Summary

■ Take-up in Leeds city centre has already reached a record 784,000 sq ft at end Q3 2017 and this is expected to total one million sq ft by the end of 2017.

■ There remains a limited availability of supply in the city centre, which has fallen to 1.1 million sq ft this year, the lowest level for four years.

■ Given the increase in top rents to £30 per sq ft earlier this year, we expect rental growth within the refurbished market over the next 12 months.

■ A record 60,000 sq ft of serviced office accommodation has been taken so far this year, as occupiers are on the lookout for more flexible lease terms.

■ A shortage of on-market investment opportunities in Leeds city centre has limited transaction volumes during 2017 as landlords look to hold long income.

■ Prime office yields in Leeds city centre stand at 5.25%, a 25 basis points inward movement from the start of 2017.

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