Leeds’ city centre office market witnessed a remarkable end to 2013, with the Q4 leasing volume up 211% on the corresponding period in 2012, to 254,798 sq ft (Q4 2012: 81,806 sq ft). Over 40% of the deals transacted were for grade A space, with Leeds City Council’s pre-let at Merrion House comprising the lion’s share, closely followed by KPMG’s letting at Broadgate.
Sentiment in the out-of-town office market was equally as encouraging, with take-up reaching 200,987 sq ft in Q4 2013 – a 202% increase compared with the same quarter in 2012 (Q4 2012: 66,370 sq ft).
These combined figures brought the final year total for 2013 to 1,285,125 sq ft (city centre: 794,043 sq ft, out of town: 491,082 sq ft) – 73% higher than 2012 and Leeds’ largest take-up for 15 years.
Despite a significant number of larger transactions (20,000 sq ft plus) taking place during Q4, the majority of occupiers continued to seek space of sub-5,000 sq ft, with over 63% of the deals recorded in this size bracket.
For a detailed breakdown of Q4 2013 take-up by grade, please click here or on Chart 1 to the left of this article.