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News Release

Quarter 3 office take-up figures point to continued recovery for Leeds market

According to figures released today from the Leeds Office Agents’ Forum


Leeds, 16 October 2012 - The Leeds Office Agents' Forum has released its latest office market take-up figures for the third quarter of this year (Q3 2012), which show total occupier take-up in the Leeds city centre market of 123,303 sq ft. Take-up is a 6.3 percent increase compared with Q3 2011 and is also 6 percent higher for the first nine months of 2012 compared with the same period last year. The year-to-date take-up is 335,590 sq ft compared with 316,939 sq ft in 2011.
 
In total, 21 city centre transactions completed in Q3 including two of the largest deals of the last 12 months.  Following the letting to Gratterpalm earlier in the year two new occupiers signed for space at No 1 Leeds; Johnston Publishing (Yorkshire Post Newspapers) took 33,867 sq ft on a 15-year lease and Gaz De France Suez acquired 31,155 sq ft on a 10-year lease.
 
In total, 60,045 sq ft of offices was transacted in the Leeds out-of-town market; a 3.8 percent decrease on Q3 2011.  Of the 21 deals to complete, the largest transaction was 8,880 sq ft at Unit 3, Airport West which was let to Filtronics plc on a 10-year lease. At the end of Q3 2012 the total year to date take-up totalled 274,004 sq ft compared with 167,867 sq ft for the same period last year.
 
Commenting on the third quarter figures, Alex Duckett from Knight Frank and spokesperson for the Forum, said: “Despite tough market conditions the Leeds market has proved to be incredibly resilient in what is traditionally a quieter period during the summer months. Optimism remains amongst the Forum that full year city centre take-up will be in excess of 400,000 sq ft, which is higher than both the last two full year totals.
 
“Over half of all city centre space taken in the quarter was Grade A depleting even further the supply of good quality, large foot plate stock in the prime core. With a raft of lease events on the horizon affecting major occupiers this lack of built stock will lead to pre-let opportunities for well-funded developers and indeed there are several known requirements currently in the market.”
 
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.