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
Q4 take-up totalled 185,651 sq ft, 23% below the 10-year quarterly average. This brought total 2023 take-up to 910,559, 5% below the 10-year average.
Out of town take-up was comparatively stronger at 6% above the 10-year average, whilst the city centre market was 31% below.
Key deals included:
- Barnett Waddingham’s 13,446 sq ft lease at City Square House;
- Quiba’s 12,298 sq ft purchase of Unit 4 Temple Point;
- Freeths’ 11,270 sq ft lease at Central Square.
The leading sectors over the past 12 months were the professional services, financial and government sectors, together accounting for 76% of all deals.
The city’s prime rent remained at £37.00 per sq ft, 2.8% up on last year.
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 rose 168 basis points to 10.8%, now 285 basis points higher than last year. Premium quality space is undersupplied, with the grade A availability rate at 1.8%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
A total of 254,879 sq ft of new and refurbished space completed in 2023. A further 437,520 sq ft is expected during 2024 at South Brook Street, City Square House and West Village, of which in total 30% is let or pre-let.
Investment
TOTAL INVESTMENT VOLUMES
CHANGE ON LAST QUARTER
CHANGE ON 10 YR QUARTERLY AVG
PRIME YIELD
INVESTMENT VOLUMES
Source: Real Capital Analytics, Avison Young
INSIGHT
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TOP DEALS
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