Leeds Agents’ Forum sees office take-up boost in Q3

City centre continues to perform well with competing regional markets

Article posted: 14 Oct 2011

Figures showing increased take-up of office space in Leeds city centre and its out-of-town market in Q3 have been released by the Leeds Agents' Forum.

A total of 311,109 sq ft of office space has been transacted in the city centre so far this year, already ahead of the total take-up in 2010 which was 283,231 sq ft. Agents are optimistic that take-up will reach in excess of 400,000 sq ft by the end of the year.

The Forum’s data reveals a 67% increase in Q3 take-up in Leeds city centre over the same period last year. A total of 37 city centre deals were completed in Q3 in comparison to 30 in Q2 and less than half that in Q1.

During the last quarter there have been a number of notable transactions including the sale of the freehold of Dysons Chambers totalling 26,485 sq ft and a quartet of deals totalling 12,111 sq ft at Highcross’ Toronto Square (pictured).

The Q3 out-of-town market saw a 15% increase over Q2 with take-up of 62,970 sq ft, the best performing quarter for a year. So far the annual take-up stands at 170,087 sq ft.

Commenting on the findings a spokesperson for the Leeds Agents' Forum said: “After a slow start to the year office leasing activity in Leeds city centre has improved significantly over the last two quarters and now, at the nine month mark, take-up has surpassed last year's full year total. Whilst occupiers remain cautious, the figures show a healthy level of interest, at what is traditionally the quietest three months of the year, and subsequently we are confident that take-up will reach 400,000 sq ft by the end of the year.“

Whilst performance varies widely across the market for office space in the UK, the Leeds Forum believe that the Leeds market is maintaining good levels of performance with other competing regional markets.

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Posted by Jules