Following a record breaking Q2 2013, Leeds’ combined city centre and out of town office take-up figure returned to a more ‘normal’ level in Q3, with 53 transactions totalling 195,360 sq ft.
Take-up this year stands at an impressive 829,008 sq ft, compared with 610,064 sq ft at the same point in 2012. With several large deals due to complete in Q4, including 60,000 sq ft to Lowell Group, we expect the end-of-year total to exceed 1m sq ft.
Q3 witnessed the return of SME occupiers to the city centre, with two thirds of all deals completed for space sub-5,000 sq ft. City centre take-up levels are down 18% on the same quarter last year, to 101,100 sq ft. However, the year-to-date figure of 539,245 sq ft is 62% higher than the corresponding period in 2012 and is the city centre’s highest take-up since 2004.
The out of town market continues to perform well, with 94,260 sq ft of office space let or sold during Q3 – up 57% on the same period in 2012.
For a detailed breakdown of Q3 2013 take-up by grade, please click here or on Chart 1 to the left of this article.