Leeds’ combined city centre and out of town office markets saw occupier take-up reach 184,417 sq ft across 56 deals in Q3 2015 – a marginal decline on the Q3 2014 figure of 198,263 sq ft.
With the absence of any ‘big ticket’ deals or pre-lets - as witnessed during the first half of the year - the average deal size across both markets for Q3 2015 was unsurprisingly low, at 3,293 sq ft, which reflects the continued strength of the SME sector.
At 72,314 sq ft - 45% ahead of the Q3 2014 figure - the out-of-town market witnessed its strongest quarter in the year to date.
While momentum in the city centre slowed dramatically from Q2 2015’s record figure of 213,126 sq ft to 112,103 sq ft in Q3 2015, activity was down just 24% on the same period in 2014.
With one quarter remaining and several unsatisfied requirements in the city centre, total take-up for Leeds’ combined city centre and out of town markets in 2015 is expected to exceed circa 1.1m sq ft.