Office take up remains strong in Leeds, says CBRE

Office take up remains strong in Leeds, says CBRE
Alexy Hailey

Sky Bet’s acquisition of 135,900 sq ft at 4 Wellington Place in Leeds was the largest office deal outside of London during Q2.

According to the latest snapshot report from CBRE, take-up during this period in the UK office markets outside of London was at its highest level since Q1 2018.

Three out of four key deals across UK markets during Q2 2019 were completed in the North of England, with Sky Bet’s deal in Leeds the largest.

Whilst take-up in Leeds for Q2 2019 fell by 4%, it remained high relative to trend at 213,300 sq ft. The business services sector accounted for the largest proportion of take-up at 33%, with consumer services and leisure second at 23%.

Availability in Leeds fell marginally to 1.3m sq ft, below the 10-year average of 1.4m sq ft.

“Occupier confidence remains strong as evidenced by the Sky Bet pre-let deal at Wellington Place and the 70,000 sq ft letting to Link Asset Services at Central Square,” said Alex Hailey, Director of CBRE’s Office Agency team in Leeds.

“We are still seeing activity from occupiers looking to move into the region and currently we have more than 400,000 sq ft of named requirements over 10,000 sq ft.

“Use of flexible working space is increasing as demonstrated in the recent deal for Spaces at 7 Park Row and we are also seeing a number of requirements on the back of Channel 4 coming to the city.”