Take-up

H1 2022 take-up for the Leeds city centre market totalled 252,000 sq ft. This was 8% below the H1 2021 total and 11% below the long-term average for the market. That said, the Q2 take-up total of 129,000 sq ft was 21% above the Q2 2021 total and in line with the long-term Q2 average.

Grade A take-up of 130,000 sq ft accounted for 51% of the overall take-up total in H1 2022. This represented a marginal improvement on H1 2021, where Grade A accounted for 49% of the overall take-up total.

Supply

Total supply at the end of H1 stood at 782,000 sq ft. This represented a decrease of 3% on the Q1 2022 total. Furthermore, Grade A supply decreased by 7% to 284,000 sq ft at half year end. This is indicative of the continued resilience of Grade A demand within the market. As a result, Grade A supply remains extremely limited, particularly for the prime space in Leeds city centre.

The total vacancy rate decreased in the second quarter of 2022 by 20 basis points to 6.2%. Furthermore, Grade A vacancy rate also decreased by 20 basis points to just 2.3% at half year end.

Take-up by business sector

Total supply at the end of H1 stood at 782,000 sq ft. This represented a decrease of 3% on the Q1 2022 total. Furthermore, Grade A supply decreased by 7% to 284,000 sq ft at half year end. This is indicative of the continued resilience of Grade A demand within the market. As a result, Grade A supply remains extremely limited, particularly for the prime space in Leeds city centre.

The total vacancy rate decreased in the second quarter of 2022 by 20 basis points to 6.2%. Furthermore, Grade A vacancy rate also decreased by 20 basis points to just 2.3% at half year end.

Rents

There was no change in the prime rent in H1 2022, which currently stands at £34.00 per square foot. That said, the prime rent in the market has increased significantly by 23% since 2015. Equally, average Grade A rents have increased significantly over the past six years. The average Grade A rent in H1 2022 was £28.28 per sq ft, which represents a 14% increase on the pre-Covid 2019 Grade A average.

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