Office occupier take-up across Leeds rebounded during the second quarter of 2017, with in excess of 226,000 sq ft of space transacted; up 41% on the first quarter of 2017 and more than 50% on the same period in 2016. It is important to note however, that occupier demand in 2016 was somewhat muted by the EU Referendum.
While the balance of activity has evened out somewhat, the out-of-town market remained the most dominant for the fourth consecutive quarter, accounting for 60% of total take-up - albeit with significantly fewer deals than the city centre.
In total, 58 transactions were completed between April and June, a 41% increase on previous quarter. Despite this uptick, the average transaction size remained largely the same at 3,900 sq ft, reinforcing the dominance of ‘churn’ deals within the Leeds office markets.
The professional services sector once again accounted for the lion’s share of activity but it was the banking, finance and insurance sector that boosted the overall take-up figure, accounting for three of the five largest transactions.