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Leeds

Leeds on track for strongest year of office take-up for 13 years

Leeds Office Agents Forum release Q3 market data


Leeds 10 October 2013 - The Leeds Office Agents’ Forum (LOAF) has released its quarterly take-up figures which show total city centre transactional activity reached 101,100 sq ft across 23 deals in Quarter 3 (Q3 2013).  Whilst this is an 18% decrease compared with Q3 2012, when 123,303 sq ft across 21 deals completed, at the year-to-date point city centre office take-up stood at an impressive 539,245 sq ft with the Forum predicting that full year activity could be the highest on record for thirteen years.
The improving economic climate is continues to help fuel office leasing activity in Leeds with occupier enquiries coming from a broad range of business sectors most notably professional services and the public sector. Of the six Q3 city centre transactions over 5,000 sq ft to complete the largest was the 22,510 sq ft letting to NHS Leadership Academy at 3 The Embankment.
Richard Fraser, spokesperson for LOAF and director at Carter Towler in Leeds, said: “Whilst there were no trophy sized deals this quarter we have once again seen a solid level of activity and the year- to-date volume is already 33% higher than the previous full year total. Take-up has already substantially exceeded the five year average of 380,000 sq ft and we anticipate that year end city centre volumes will be around 600,000 sq ft; potentially the highest level on record since 2000.”
The out-of-town market recorded 94,260 sq ft of take-up across 29 deals which  was a 57 % increase compared with the same quarter last year (60,045 sq ft).The most substantial sized deal was the 13,261 sq ft freehold sale of Kernel House in Killingbeck to Leeds City Council.
Richard added: “Along with momentum in the UK economy, market sentiment and occupier demand continues to improve and with a number of larger, ‘live’ and forthcoming requirements both in and out-of-town there is increasing optimism amongst agents that further pre-lets will be concluded.”
The Leeds Office Agents' Forum was established to collate and distribute definitive office market information. Its members include BNP Paribas, Carter Towler, CBRE, Colliers International, DTZ, GVA, Jones Lang LaSalle, Knight Frank, Lambert Smith Hampton, Ryden, Sanderson Weatherall, Savills and WSB.