Leeds city centre offices market ends 2014 on high with best quarter of the year

Published on: 20th January 2015
Download a full copy of the update here.

Overview Q4 2014

The city centre office market ended on a high with take-up of 157, 568 sq ft in Q4 across 36 deals, making it the best performing quarter of the year, and 10% up on Q3.

The largest transaction of the quarter was a pre-let to lawyers Squire Patton Boggs, who committed to taking 32,382 sq ft at MEPC’s 6 Wellington Place. There was also a significant pre-let with DAC Beachcroft who signed for 24,800 sq ft in St Pauls House on Park Square.

The deal involving the highest rent of the quarter saw Handelsbanken agree to pay £26.00 psf for an 8,000 sq ft suite at NFU’s No1 Whitehall Riverside.

The out of town market came to life with 118,132 sq ft take up across 27 deals, a massive 200% increase on Q3.

Significant deals out of town included the letting of 23,685 sq ft to Search Laboratory at Blokhaus on West Park Ring Road, Horsforth and Tekla consolidating its Leeds operation into Synergy 27 in a deal of 20,395 sq ft.

Increased institutional interest in regional offices is driving yield comprehension.

Supply

There is circa 400,000 sq ft of new space due to be delivered by speculative schemes between December 2015 and June 2016 at Wellington Place, 6 Queen Street, Central Square and Sovereign Place.

TCS has also applied for planning consent for a new 70,000 sq ft office building on Whitehall Road at the gateway to its Whitehall Riverside development. This will be bolstered by several planned refurbishment schemes across the city centre.

Demand

There were two significant pre-lets to law firms in Q4. Occupiers with live requirements include B Sky B, Addleshaw Goddard, PWC and the NHS, and we expect further pre-lets in 2015.

Rents

Prime rents are rising and now stand at £26.00 psf. We expect the current dynamics of supply and demand to result in further rental growth on the new space currently under construction with quoting rents presently around £27.00 psf.

Contact Us

Contact Us

Office Agency

Our office agency team provide advice and expertise on the sale, acquisition, marketing, development and leasing of office properties and developments across the country. Utilising in-depth experience of the UK office sector coupled with extensive knowledge of the local and regional marketplaces in which we operate, each team possesses unrivalled skills to work to your significant advantage. Our specialist knowledge ranges from individual office suites to out of town business parks and new-build city centre developments.The specialism is supported by a broad range of additional services within the business. Agency Disposals: Realistic marketing advice and methodology Comprehensive market knowledge and full research facilities Extensive enquiry database Innovative marketing ideas Appraisal of alternative uses with in-house town planning advice Agency Acquisitions: Obtaining a clear understanding of our client’s requirements and commercial objectives Comprehensive property stock search and identification of development opportunities Objective advice on the suitability of identified properties Negotiation of favourable terms Full back up service including structural surveys, planning advice and fitting out etc. Valuation and finance advice Development Consultancy: Thorough market research Advice on selection and appointment of consultants Undertaking of full financial appraisals and timescales Advice on optimum composition of development Assessment of deliverability Advice on specification and scheme layout End user knowledge   Contact Us

Read More....

stdClass Object ( [state] => 1 [modified] => 2018-05-03 08:24:25 [id] => 146 [asset_id] => 296 [title] => Office Agency [alias] => office-agency [introtext] =>

Our office agency team provide advice and expertise on the sale, acquisition, marketing, development and leasing of office properties and developments across the country.

Utilising in-depth experience of the UK office sector coupled with extensive knowledge of the local and regional marketplaces in which we operate, each team possesses unrivalled skills to work to your significant advantage.

Our specialist knowledge ranges from individual office suites to out of town business parks and new-build city centre developments.The specialism is supported by a broad range of additional services within the business.

Agency Disposals:

  • Realistic marketing advice and methodology
  • Comprehensive market knowledge and full research facilities
  • Extensive enquiry database
  • Innovative marketing ideas
  • Appraisal of alternative uses with in-house town planning advice

Agency Acquisitions:

  • Obtaining a clear understanding of our client’s requirements and commercial objectives
  • Comprehensive property stock search and identification of development opportunities
  • Objective advice on the suitability of identified properties
  • Negotiation of favourable terms
  • Full back up service including structural surveys, planning advice and fitting out etc.
  • Valuation and finance advice

Development Consultancy:

  • Thorough market research
  • Advice on selection and appointment of consultants
  • Undertaking of full financial appraisals and timescales
  • Advice on optimum composition of development
  • Assessment of deliverability
  • Advice on specification and scheme layout
  • End user knowledge

 

Contact Us

[fulltext] => [catid] => 20 [created] => 2014-08-08 08:05:39 [created_by] => 428 [created_by_alias] => [modified_by] => 775 [checked_out] => 0 [checked_out_time] => 0000-00-00 00:00:00 [publish_up] => 2014-08-08 08:05:39 [publish_down] => 0000-00-00 00:00:00 [images] => {"image_banner":"","image_intro":"images\/Services\/Agency - office2.jpg","float_intro":"","image_intro_alt":"","image_intro_caption":"","image_fulltext":"","float_fulltext":"","image_fulltext_alt":"","image_fulltext_caption":""} [urls] => {"urla":"\/182","urlatext":"","targeta":"","urlb":"\/179","urlbtext":"","targetb":"","urlc":"\/179","urlctext":"","targetc":""} [url_header] => Property Search [attribs] => {"show_title":"","link_titles":"","show_tags":"","show_intro":"","info_block_position":"","show_category":"","link_category":"","show_parent_category":"","link_parent_category":"","show_author":"","link_author":"","show_create_date":"","show_modify_date":"","show_publish_date":"","show_item_navigation":"","show_icons":"","show_print_icon":"","show_email_icon":"","show_vote":"","show_hits":"","show_noauth":"","urls_position":"","alternative_readmore":"","article_layout":""} [version] => 36 [ordering] => 26 [metakey] => [metadesc] => Offering advice and expertise, our office agency team have specialist knowledge in agency disposals, agency acquisitions and development consultancy. [access] => 1 [hits] => 2 [metadata] => Joomla\Registry\Registry Object ( [data:protected] => stdClass Object ( [robots] => [author] => [rights] => [xreference] => ) [initialized:protected] => 1 [separator] => . ) [featured] => 0 [language] => * [xreference] => [servicetitle] => [service1] => 1359 [servicetext1] => leeds office market [service2] => 1358 [servicetext2] => newcastle [service3] => 1271 [servicetext3] => bristol commercial property [service4] => 1274 [servicetext4] => three leeds [service5] => 1171 [servicetext5] => Northumbria [service6] => 970 [servicetext6] => CS redefining the Leeds office market [service7] => 1185 [servicetext7] => newcastle office market [service8] => 1158 [servicetext8] => leeds office take up [service9] => 1133 [servicetext9] => Oldham [service0] => 0 [servicetext0] => [colleague1] => 486 [colleague2] => 577 [colleague3] => 638 [colleague4] => 0 [colleague5] => 553 [colleague6] => 561 [colleague7] => 0 [colleague8] => 0 [colleague9] => 0 [colleague10] => 0 [colleague69] => 0 [colleague68] => 0 [colleague67] => 0 [colleague66] => 0 [colleague65] => 0 [colleague64] => 0 [colleague63] => 0 [colleague62] => 0 [colleague61] => 0 [colleague60] => 0 [colleague59] => 0 [colleague58] => 0 [colleague57] => 0 [colleague56] => 0 [colleague55] => 0 [colleague54] => 0 [colleague53] => 0 [colleague52] => 0 [colleague51] => 0 [colleague50] => 0 [colleague49] => 0 [colleague48] => 0 [colleague47] => 0 [colleague46] => 0 [colleague45] => 0 [colleague44] => 0 [colleague43] => 0 [colleague42] => 0 [colleague41] => 0 [colleague40] => 0 [colleague39] => 0 [colleague38] => 0 [colleague37] => 0 [colleague36] => 0 [colleague35] => 0 [colleague34] => 0 [colleague33] => 0 [colleague32] => 0 [colleague31] => 0 [colleague30] => 0 [colleague29] => 0 [colleague28] => 0 [colleague27] => 0 [colleague26] => 0 [colleague25] => 0 [colleague24] => 0 [colleague23] => 0 [colleague22] => 0 [colleague21] => 0 [colleague20] => 0 [colleague19] => 0 [colleague18] => 0 [colleague17] => 0 [colleague16] => 0 [colleague15] => 0 [colleague14] => 0 [colleague13] => 0 [colleague12] => 0 [colleague11] => 0 [servicextitle] => Case Studies [servicex1] => 742 [servicextext1] => CAP Automotive [servicex2] => 552 [servicextext2] => Greggs Quorum Business Park [servicex3] => 694 [servicextext3] => Baker Tilly [servicex4] => 650 [servicextext4] => GMB Union [servicex5] => 742 [servicextext5] => [servicex6] => 0 [servicextext6] => [servicex7] => 0 [servicextext7] => [servicex8] => 0 [servicextext8] => [servicex9] => 0 [servicextext9] => [servicex0] => 0 [servicextext0] => [general] => [generaltext] => [generalsubject] => An enquiry from sw.co.uk regarding [PAGE TITLE] [contactheader] => [contactheader2] => Contact Us [contactheader3] => 277 [contactheader4] => Agency [category_title] => Services [category_alias] => services [category_access] => 1 [author] => Hayley Evans [parent_title] => ROOT [parent_id] => 1 [parent_route] => [parent_alias] => root [rating] => [rating_count] => [params] => Joomla\Registry\Registry Object ( [data:protected] => stdClass Object ( [article_layout] => _:default [show_title] => 1 [link_titles] => 0 [show_intro] => 1 [show_category] => 0 [link_category] => 0 [show_parent_category] => 0 [link_parent_category] => 0 [show_author] => 0 [link_author] => 0 [show_create_date] => 0 [show_modify_date] => 0 [show_publish_date] => 0 [show_item_navigation] => 0 [show_vote] => 0 [show_readmore] => 1 [show_readmore_title] => 0 [readmore_limit] => 100 [show_icons] => 0 [show_print_icon] => 0 [show_email_icon] => 0 [show_hits] => 0 [show_noauth] => 0 [urls_position] => 0 [show_publishing_options] => 1 [show_article_options] => 1 [show_urls_images_frontend] => 0 [show_urls_images_backend] => 1 [targeta] => 0 [targetb] => 0 [targetc] => 0 [float_intro] => right [float_fulltext] => right [category_layout] => _:default [show_category_heading_title_text] => 1 [show_category_title] => 0 [show_description] => 1 [show_description_image] => 0 [maxLevel] => 0 [show_empty_categories] => 0 [show_no_articles] => 1 [show_subcat_desc] => 1 [show_cat_num_articles] => 0 [show_base_description] => 1 [maxLevelcat] => -1 [show_empty_categories_cat] => 0 [show_subcat_desc_cat] => 1 [show_cat_num_articles_cat] => 1 [num_leading_articles] => 0 [num_intro_articles] => 9 [num_columns] => 3 [num_links] => 0 [multi_column_order] => 1 [show_subcategory_content] => -1 [show_pagination_limit] => 0 [filter_field] => hide [show_headings] => 1 [list_show_date] => 0 [date_format] => [list_show_hits] => 0 [list_show_author] => 0 [orderby_pri] => none [orderby_sec] => rdate [order_date] => published [show_pagination] => 2 [show_pagination_results] => 1 [show_feed_link] => 1 [feed_summary] => 0 [feed_show_readmore] => 0 [show_page_heading] => 1 [layout_type] => blog [menu_text] => 1 [page_title] => Latest News and Insight on the UK Commercial Property Market | Sanderson Weatherall [page_heading] => Latest News [menu-meta_description] => News, industry insight and features on the UK Commercial Property Market from Award Winning Property Consultancy Sanderson Weatherall [secure] => 0 [page_description] => [page_rights] => [robots] => [access-view] => 1 ) [initialized:protected] => 1 [separator] => . ) ) URL: /news/20-services/146-office-agency?layout=default&breadcrumb=noimage

Contact


Email a copy to yourself?
RICS CCS TDS Arla Ombudsman bsi