Leeds Office Market Update Q3 2017
Total Leeds office market take up for Q3 stood at 677,754 sq ft which reflected a 199% (451, 245 sq ft) increase on the preceding quarter.
Office take-up in Leeds city centre totalled 557,990 sq ft in Q3 a 345% increase compared to the same period last year, with the bumper quarter contributing to year to date transactions of just under 800,000 sq ft. Activity out of town was also up, reaching 119,554 sq ft, an increase of 81% on Q3 last year and 30% on the preceding quarter.
The stand out deal was the 378,000 sq ft pre-let to the UK Government who signed a 25 year lease for a new, Yorkshire office predominantly for the HMRC and NHS at Wellington Place. This was, we believe, the largest ever office letting in Leeds and also the biggest office deal to complete outside of London so far this year.
Head of office agency at our Leeds office, Richard Dunn, said, “Thanks to the large government pre-let the Leeds office market recorded the highest quarterly take-up figures we have experienced. However it is testament to the strength of the quarter that once this transaction is stripped out of the figures, city centre take-up still amounted to a very healthy 179,990 sq ft, the highest quarterly take up total since Q4 2015."
If you have any questions on the quarterly report then please contact head of our Leeds office agency team, Richard Dunn.