City centre take-up for Q4 2012 remained consistent with previous years, totalling 81,806 sq ft (Q4 2011: 87,050 sq ft). Demand was driven by smaller transactions, with no lettings in excess of 10,000 sq ft. This is a trend that has been witnessed throughout the year, with over 57% of all lettings sub-2,500 sq ft.
Despite a strong first half, take-up in the out of town market slowed in Q4 2012, reaching only 69,740 sq ft (Q4 2011: 110,667 sq ft). Transactions at Thorpe Park helped support the out of town market.
Encouragingly, the combined annual take-up increased by 4.7% on the previous year (2011: 679,653 sq ft), with the city centre recording its highest annual take-up since 2009, at 414,406 sq ft. Annual Grade A take-up fell slightly to 251,404 sq ft (2011: 278,625 sq ft), with deals at No. 1 Leeds accounting for 33%.
The prospects for 2013 look increasingly positive, with Q1 2013 set to transact circa 160,000 sq ft of Grade A space. A number of corporate occupiers approaching lease events are also currently considering pre-let options.
For a detailed breakdown of take-up by grade, please click here or on Chart 1 to the left of this article.