The latest figures compiled by us at the Leeds Office Agents' Forum (LOAF), showed fourth quarter city centre office take-up totalled 157,568 sq ft, across 36 deals. This makes it the best performing quarter of 2014, a 10% increase on the previous three months.
City centre activity was boosted by two significant pre-lets to law firms - Squire Patton Boggs committed to 32,382 sq ft at MEPC’s 6 Wellington Place and DAC Beachcroft signed for 24,800 sq ft in St Pauls House on Park Square.
We also saw the out-of-town market spring in to life at the end of 2014 recording the best quarter’s activity of 118,132 sq ft, a 200% increase on the third quarter. Of the 27 deals to complete, the largest was Search Laboratory purchasing 23,685 sq ft at Blokhaus in Horsforth and the letting to Tekla of 20,395 sq ft at Synergy 27.
When we look back across the whole year, 2014 occupier take-up in the city centre reached a full year total of 545,006 sq ft which is nearly 8% ahead of the 10 year average of 505,446 sq ft. Total out-of-town activity across 2014 reached 236,719 sq ft.
2015 will welcome some new additions to the Leeds City Skyline including the aforementioned 6 Wellington Place and Central Square. We will also hopefully see further speculative development commence such as City Square House and 3 Sovereign Square, which is much needed given the last two years activity.