The Leeds Office Agents’ Forum (LOAF) reports total office take-up of 104,936 sq ft in the first quarter of 2017. This is almost exactly comparable to the 109,682 sq ft recorded in the last quarter of 2016.
22 property deals concluded in the city centre over the three month period from January to March, including two major office requirements. The largest city centre deal was 25,968 sq ft at 5 Wellington Place let to insurance and advisory firm Willis Towers Watson. The other significant deal to conclude was the acquisition of 1 Apex View by BW Legal.
In the out-of-town office market, 55,743 sq ft was transacted in Q1 2017, almost double the 28,942 sq ft concluded in Q4 2016. This figure was boosted by the 10,200 sq ft letting of 2150 Century Way, Thorpe Park to Bellway Homes and the freehold acquisition of 9,500 sq ft 1 John Charles Way by financial consultants Clayton Holmes Naisbitt.
Dan Hodge, Ryden Office Agent, said: “The 2017 office market in Leeds has started strongly with a number of long standing requirements reaching conclusion. Occupiers are demanding good quality space in the city centre and this puts Leeds is in a strong position with Grade A schemes such as 3 Wellington Place due to reach practical completion this year. I predict headline rents will reach £27.50 before the end of the year. The growth in the out-of-town market shows that whilst larger requirements are not being satisfied, due to a lack of current opportunities in the market, there is good demand for smaller suites in West Yorkshire and this is likely to result in a steady increase in quoting and achieved rents."
The Leeds Office Agents’ Forum was established in 2010 to collate and distribute office market data. Its members, alongside Ryden are BNP Paribas, Carter Towler, Carter Jonas, CBRE, Colliers International, Cushman & Wakefield, Eddisons, Fox Lloyd Jones, Bilfinger GVA, JLL, Knight Frank, Lambert Smith Hampton, Sanderson Weatherall, Savills and WSB.