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News Release

MAPIC, London

Strong Bounce Back for Retail Rents in Leeds According to Jones Lang LaSalle and Land Securities


MAPIC, Cannes 16th November 2011 - Jones Lang LaSalle and Land Securities predict a strong bounce-back in retail rents in Leeds, the UK's largest financial district and legal services centre outside of London.
 
Prime retail rents are forecast to grow by 5.5 percent by the end of 2011, the fastest rate of growth witnessed by all of the UK’s major retail centres, including London. The forecast rate of growth will moderate slightly in 2012 (+3.5 percent), but this is still comfortably above national averages.
 
Damian Sumner, Head of High Street Retail Agency at Jones Lang LaSalle, said: "Leeds is the premier retail destination in Yorkshire and has a compelling retail attraction which has helped rents recover this year. Space has typically been 500,000 sq ft lower than the benchmark average but with Trinity Leeds to open in 2013, we are seeing a bounce of activity with retailers looking to relocate to the prime city centre scheme or enter the Leeds retail market for the first time.”
 
Leeds’ prime retail pitch already attracts a high number of well-known national and international brands, and the Trinity Leeds scheme will push Leeds to the fourth largest retail centre in the UK. Jones Lang LaSalle anticipates that the scheme will support long term retail rental growth by providing right size units, greater profile for Leeds, increased retail spend and increased affordability.
 
John Grimes, Land Securities Leasing Director for Trinity Leeds, said:  "With 60 percent of the site already let this is unprecedented in a normal market but a major achievement in this tough retail market. The strength of lettings so far shows the strong demand for high-quality retail space in the heart of Leeds city centre. Trinity Leeds was the first development to return on site in the UK after the economic downturn, showing the strength in retail confidence and the economy in Leeds."