Leeds
Take-up
TOTAL TAKE-UP IN QUARTER (SQ FT)
CHANGE ON LAST QUARTER
CHANGE ON 10 YR QUARTERLY AVG
TAKE-UP (SQ FT)
Source: Avison Young
Q2 take-up totalled 146,100 sq ft, 14% above the 10-year quarterly average.
Both city centre and out of town take-up were 60% lower than the 10-year average.
Key deals included:
- Leeds Teaching Hospitals NHS Trust’s 43,731 sq ft lease at Joseph’s Well;
- Allianz’s 6,770 sq ft lease at 4 Wellington Place;
- Future Forwarding Company’s 6,105 sq ft lease at Unit 7 Turnberry Business Park, Gildersome.
The leading sectors over the past 12 months were financial services, professional services and government, which combined accounted for 72% of all take-up.
Prime rent was £38.00 per sq ft, 3% above the previous quarter.
NOTABLE DEALS
Source: Avison Young
PRIME RENT
Per sq ft
Quarterly change
Source: Avison Young
12 month change
Rent free months (10-year lease)
TAKE-UP BY SECTOR
Source: Avison Young
ANNUAL TAKE-UP (SQ FT)
Source: Avison Young
Availability
AVAILABILITY RATE
CHANGE ON LAST QUARTER
CHANGE ON LAST YEAR
AVAILABILITY (SQ FT)
Source: CoStar, Avison Young
The availability rate fell 204 basis points to 8.2%. Premium quality space is undersupplied, with the grade A availability rate at 1.3%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
A total of 437,520 sq ft is expected to complete during 2024 at South Brook Street, City Square House and West Village, of which in total 39% is let or pre-let.
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