The combined Leeds city centre and out of town office markets recorded a total take-up of 250,823 sq ft in the second quarter of 2015 compared with 149,747 sq ft in the same period last year – an increase of 67%. At the half year point, the combined take-up for both markets stood at 398,052 sq ft compared with 325,789 sq ft at H1 2014.
Despite there being a 28% rise in the number of deals compared to the previous year - from 43 in Q2 2014 to 55 in Q2 2015 - the average deal size remained low at 3,858 sq ft.
At 213,126 sq ft, the city centre witnessed its strongest quarterly take-up since Q4 2013. However, this was largely underpinned by two significant pre-lets; 49,650 sq ft to PwC at Central Square and 51,531 sq ft to Addleshaw Goddard 3 Sovereign Square.
Activity in Leeds' out of town office market remained on par with last year, with the Q2 2015 take-up figure totalling 37,697, compared with 36,925 sq ft in the same period in 2014. However, interestingly, none of the deals were for Grade A space.
Looking ahead, with several requirements from major occupiers - including BSkyB - due to be satisfied during H2 2015, we expect the final year combined take-up figure to exceed the 800,000 sq ft transacted in 2014.