Leeds
Key stats
TOTAL TAKE-UP IN QUARTER (SQ FT)
-63% CHANGE ON LAST QUARTER
VACANCY RATE
+149BPS CHANGE ON LAST QUARTER
PRIME RENT PER SQ FT
0% QUARTERLY CHANGE
TAKE-UP (SQ FT)
Source: Avison Young
Following a positive start to the year, take-up fell to 126,000 sq ft in Q2 2025 representing a 63% reduction from Q1 2025 and 48% decrease compared to the 10-year average. Despite this, office take-up over the first half of 2025 was greater than the half yearly post-pandemic average.
Demand from Professional Services firms dominated take-up, comprising 62% of total demand. This was partly due to the largest deal of the quarter which saw engineering firm JN Bentley let 17,100 sq ft at Whitehall Riverside to relocate from nearby Bank House.
Office vacancy increased over the quarter from 9.3% to 11%, rising to its highest level since 2018. This was driven by the release of secondary space, whilst Grade A vacancy also increased. Furthermore, one development is currently under construction at Aire Park, where the 75,000 sq ft Keystone is due to complete in early 2026.
Prime rents remained unchanged over Q2 at £42.50 per sq ft, following strong growth in Q1. 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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