Market in Minutes: Leeds Occupational Office Data – Q1 2024

Leeds office market Q1 roundup


Q1 2024 take-up in Leeds totalled 250,285 sq ft across 31 deals, five of which were above 25,000 sq ft. This was down by 6% on the same period in 2023, however, it was up by 35% and 63% on the five- and ten-year averages. This was also 123% higher than the previous quarter's take-up. 

Grade A and Prime take-up in Q1 totalled 217,000 sq ft, therefore accounting for 87% of the total, which is the largest Q1 Grade A and Prime proportion of take-up since 2012.  


Leeds availability in Q1 2024 reached a combined total of 1.1 million sq ft, which represented an increase of 4% on the previous quarter. This means that the total vacancy rate currently stands at 9.2%, an increase of 40 basis points on Q4 2023.

Grade A availability increased to a total of 541,000 sq ft and Prime availability decreased by 12% to 60,000 sq ft. This means that the vacancy rate for Grade A stock has increased to 4.4%. Meanwhile, the Prime vacancy rate has decreased to 0.5%, demonstrating demand for best-in-class space in the market. 

Take-up by business sector

Q1 2024 witnessed many active sectors, most notably the 'Insurance and Financial Services' sector, which leased a total of 47,000 sq ft. This accounted for 19% of the overall total and consisted of three deals. The largest transaction in the sector was 38,000 sq ft, which QBE Management Services acquired at West Village.

The 'Public Services, Education and Health' sector was another significant sector, with 18% of the overall total. The sector also comprised of three deals, the largest of which saw Global Banking School acquire 29,000 sq ft at 1 Wellington Place.


There was a new headline rent achieved in 2023, which reached £38 per sq ft, 6% higher than 2022. However, this has remained unchanged in Q1 2024. Savills latest rental forecasts expect headline rents to grow further to reach £40 per sq ft by the end of 2024, representing a 5% increase. Average Grade A rent in Q1 saw a slight increase to £31.52 per sq ft which represented growth of 26% on the 2019 average, as the top end of the market continues to perform strongly from a rental perspective. Rental forecasts are predicting headline rent to grow by 16% and reach a market high of £44 per sq ft by 2028. 

Interested in other areas of the UK?

View all of our latest Q1 2024 Occupational Office Data research here.