I’m a member of the Leeds Office Agents Forum (LOAF) which was set up by a group of commercial property agents in 2010. We work together to collate and analyse the deals figures for the city to produce an accurate report of what’s happening and what owners and occupiers can expect the market to do next.
Our latest figures on the office take-up in Leeds city centre for Q3 2014 were up 42% on the same period last year. Take-up totalled 143,451 sq ft over 34 deals.
The biggest letting was of 27,289 sq ft to The Department of Health at Bridgewater Place. Since the figures were calculated there’s been another major pre-let - Patton Boggs have taken 32,000 sq ft at 6 Wellington Place.
I feel confidence is building but it is evident that many occupiers remain cautious. What they have to keep in mind, if they are considering a move in the next couple of years, is that the supply of high quality office space is limited in the city centre. I can see rents slowly growing and a tightening of incentives. I’ve also seen a number of grade B offices being taken off the market to be sold for conversion to residential.
Looking forward to the next couple of years it will become increasingly difficult to source a quality office suite under 10,000 sq ft so I’m advising clients not to put off the decision to move for too long.