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 reached 241,000 sq ft, 7% below the previous quarter’s figure and 2% ahead the 10-year average.
Annual take-up reached 936,000 sq ft in 2024, this is 3% ahead of 2023 and in-line with the 10-year annual average.
Demand for premium office space continues with 54% of Leeds’s office take-up being of Grade A quality.
Key Q4 deals included:
- X & Why’s 34,000 sq ft lease at the Bridgewater Place;
- Evoke’s letting of 28,000 sq ft at West Village, Wellington Street;
- Victoria College of Art & Design’s 27,000 sq ft lease at 1 Leeds Office Park.
The Government & Services sector took the largest share of take-up in 2024, accounting for 17%. Financial and Professional Services accounted for a 15% share each.
Prime rents increased to £40.00 per sq ft in Q4, 3% above the previous quarter and 8% up on the same period in 2023. Q4 2024 rent free periods saw no quarterly movement at 21 months, however this does represent a decrease from Q4 2023 at 24 months.
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 ends 2024 at 8.3%, representing a 250 bps fall on 12 months ago. Premium quality space is undersupplied, with the grade A availability rate at 2.7%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
A total of 437,000 sq ft completed during 2024, the largest scheme was 147,000 sq ft at 3 Brook Street. Just one scheme of 75,000 sq ft is due for completion in Q4 2025 at building MU4, Aire Park.
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