Leeds
Key stats
TOTAL TAKE-UP IN QUARTER (SQ FT)
+39% CHANGE ON LAST QUARTER
VACANCY RATE
+103BPS CHANGE ON LAST QUARTER
PRIME RENT PER SQ FT
6% QUARTERLY GROWTH
TAKE-UP (SQ FT)
Source: Avison Young
Leeds take-up in the first quarter of 2025 reached 336,143 sq ft, its highest level since Q1 2021. This is 39% ahead of the previous quarter and 42% ahead of the 10-year quarterly average.
Network Rail’s 109,000 sq ft owner occupier deal at Princes Exchange, 2 Princes Square provided a welcome boost to figures. As a result of the deal, the Government & Services sector drove demand in the first quarter accounting for a 41% share.
Driven by increases in second-hand stock, the vacancy rate increased by 103 bps to 9.3%. Just one building is currently under construction in Leeds, 75,000 sq ft at South Brook Street, Aire Park is due for completion in Q4 2025.
Leeds saw the strongest rental growth in the Big Nine with Q1 rents hitting £42.50 per sq ft, a 6% increase on the previous quarter. Rent frees remain at 21 months.
NOTABLE DEALS
Source: Avison Young
TAKE-UP BY SECTOR
Source: Avison Young
ANNUAL TAKE-UP (SQ FT)
Source: Avison Young
AVAILABILITY (SQ FT)
Source: CoStar, Avison Young
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA, Glenigan
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