Leeds Q3 take-up continues to soar
The surge in Leeds office lettings continued in the third quarter with total year-to-date city centre take-up now at 311,109 sq ft, already ahead of 2010’s full year total of 283,231 sq ft.
According to the Leeds Agents’ Forum, Q3 has seen improving occupier activity for both the city centre and out-of-town markets and there are total city centre take-up is likely to surpass 400,000 sq ft by the end of the year.
Q3 2011 take-up in Leeds city centre totaled 115,973 sq ft, a 67% increase on the same period last year.
In all, 37 city centre deals concluded in Q3 2011 compared with 30 in the previous quarter and just 14 in first three months of the year.
Notable city centre transactions in this period included the freehold sale at the 26,485 sq ft Dysons Chambers on Lower Briggate and Ingeus’ acquisition of over 12,000 sq ft at The Gateway. Four deals, totaling 12,111 sq ft, also concluded at Highcross’ Toronto Square.
In the out-of-town market, take-up totaled 62,970 sq ft in Q3, a 15% increase compared with Q2 2011 and also the best-performing quarter over the last 12 months.
Two deals over 10,000 sq ft boosted the figures - Emis took 12,517 sq ft at Kirkfield Business Centre in Yeadon and SRCL leased 10,232 sq ft at Indigo. Total year-to-date out-of-town take up is 170,087 sq ft.
The Leeds Agents’ Forum said: “After a slow start to the year office leasing activity in Leeds city centre has improved significantly over the last two quarters and now, at the nine month mark, take-up has surpassed last year’s full year total.
“While occupiers remain cautious, the figures show a healthy level of interest, at what is traditionally the quietest three months of the year, and subsequently we are confident that take-up will reach 400,000 sq ft by the end of the year.”
According to the Forum performance still remains mixed across the UK’s key office markets, with take-up activity below the five year average in almost all locations. Leeds city centre continues to perform well with other competing regional markets - its five year average is 439,021 sq ft and five year quarter average is 109,755 sq ft.
The Leeds Agents’ Forum’s members include BNP Paribas, Carter Towler, CB Richard Ellis, Colliers International, DTZ, GVA, Jones Lang LaSalle, Knight Frank, Lambert Smith Hampton, Ryden, Sanderson Weatherall, Savills and WSB.
For further information contact steven.jones@ryden.co.uk
