Leeds city centre office market on track for another stellar year

3 Wellington Place, lettings to HMRC & Mazars
Published on: 24th October 2018

View our Leeds offices market update for Q3 2018 here.

In the City centre, take up totalled 191,464 sq ft across 39 transactions. The largest deal of the quarter saw HMRC take 60,000 sq ft at 3 Wellington Place. The second largest deal, also at 3 Wellington Place, saw Mazars take 13,000 sq ft on the top floor.

Out of town, take up totalled 86,117 sq ft across 24 transactions. The most significant deal of the quarter saw BUPA take 23,715 sq ft at Kirkstall Forge. The other notable deal was the 10,275 sq ft letting at 3175 Paradigm to Wates Construction.

Outlook

Year-to-date city centre deals total 528,654 sq ft and with a number of existing live requirements the Leeds office market is on track for another strong year with city centre transactions expected to reach 700,000 sq ft.

The lack of Grade A stock will increasingly make it difficult to satisfy occupier demand, meaning there is a great opportunity for developers to address the shortage.

Co-working and serviced office operators are increasing their market share in Leeds and we expect further take-up by both indigenous operators and new entrants in coming months. 

If you have a question on the report or would like further information, please contact head of our office agency team Richard Dunn on 0113 221 6137 or at richard.dunn@sw.co.uk

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