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City centre take-up set to reach 400,000 sq ft by the end of the year
Leeds, 18th October 2011 – The Leeds Agents’ Forum has released its office take-up figures for the third quarter of 2011 (Q3 2011) which shows improving occupier activity for both the city centre and out-of-town markets. Total year-to-date city centre take-up totals 311,109 sq ft and is already ahead of 2010’s full year total of 283,231 sq ft. According to agents, there are promising signs that total city centre take-up will surpass 400,000 sq ft by the end of the year.
Data compiled by the Forum shows that Q3 2011 take-up in Leeds city centre totalled 115,973 sq ft, a 67 per cent increase on the same period last year. In all, 37 city centre deals concluded in Q3 2011 compared with 30 in the previous quarter and just 14 in first three months of the year.
Notable city centre transactions in this period included the freehold sale at the 26,485 sq ft Dysons Chambers on Lower Briggate and Ingeus’ acquisition of over 12,000 sq ft at The Gateway. Four deals, totalling 12,111 sq ft, also concluded at Highcross’ Toronto Square.
In the out-of-town market, take-up totalled 62,970 sq ft in quarter three which was a 15 per cent increase compared with Q2 2011 and also the best performing quarter over the last 12 months. Two deals over 10,000 sq ft boosted the figures: Emis took 12,517 sq ft at Kirkfield Business Centre in Yeadon and SRCL leased 10,232 sq ft at Indigo. Total year-to-date out-of-town take up is 170,087 sq ft.
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.”
According to the Forum performance still remains mixed across the UK’s key office markets, with take-up activity below the five year average in almost all locations. Leeds city centre continues to perform well with other competing regional markets - its five year average is 439,021 sq ft and five year quarter average is 109,755 sq ft.
The Leeds Agents’ Forum was established to collate and distribute definitive market information. Its members include BNP Paribas, Carter Towler, CB Richard Ellis, Colliers International, DTZ, GVA, Jones Lang LaSalle, Knight Frank, Lambert Smith Hampton, Ryden, Sanderson Weatherall, Savills and WSB.
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