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
Q3 take-up reached 259,265 sq ft, 77% above the previous quarter’s figure and only 4% below the 10-year average.
City centre’s leasing was 16% lower than the 10-year average, whereas Out of town was 39% above.
Demand for Grade A office space continues to increase as 40% of Leeds’s office take-up was for Grade A buildings compared to only 21% in Q2 2024.
Key deals included:
- NG Bailey’s 25,230 sq ft lease at the Arlington Business Centre;
- University of Law’s leasing of 15,241 at the Yorkshire House;
- Wizu Workplace’s 13,860 sq ft lease at One Embankment.
The leading sectors over the past 12 months were Financial Services, Professional Services and Government, which combined accounted for 70% of all take-up.
Prime rent increased to £39.00 per sq ft, 2.6% 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 by 176 basis points to 6.4%. Premium quality space is undersupplied, with the grade A availability rate at 1.2%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
A total of 89,044 sq ft has been completed during 2024. A further 75,000 sq ft is expected to be completed in 2025.
This report has been prepared by Avison Young for general information purposes only. Whilst Avison Young endeavours to ensure that the information in this report is correct it does not warrant completeness or accuracy. You should not rely on it without seeking professional advice. Avison Young assumes no responsibility for errors or omissions in this publication or other documents which are referenced by or linked to this report. To the maximum extent permitted by law and without limitation Avison Young excludes all representations, warranties and conditions relating to this report and the use of this report. All intellectual property rights are reserved and prior written permission is required from Avison Young to reproduce material contained in this report.