Leeds Office Market Take-Up Q1 2015 – Eddisons
Office take-up in Leeds was nearly 150,000 sq ft in the first quarter of the year, according to figures produced by the Leeds Office Agents’ Forum.
The letting of 17,159 sq ft at No 1 Whitehall Riverside to FDM Group, at a rental of £26 per sq ft, was the largest city centre deal in the period. It was also one of just two of the 28 city centre deals that were for more than 5,000 sq ft.
Steven Jones Associate Director from Eddisons and spokesperson for the LOAF, said: “The FDM letting has confirmed prime office rents at £26 per sq ft, a current high for this cycle, although we forecast prime rents will continue their upward trajectory. This underlines the continued demand for Grade A stock of which there is a low and fast diminishing supply.”
In total 87,689 sq ft was let in the city centre and a further 59,540 sq ft in the out-of-town market, where the largest of the 23 deals was to Motor Mile at Progress House and was the only transaction above 10,000 sq ft.
Although the market was behind the performance in the first three months of 2014 – when 140,000 sq ft of city centre and 35,000 sq ft of out-of-town office space was taken – the second quarter of 2015 has already seen a strong start.
That has been led by the 51,000 sq ft pre-let to Addleshaw Goddard at 3 Sovereign Square, and the agents’ forum expects several other larger transactions will boost the city centre figures for the first half of 2015.
Written by: on Thursday 23/04/2015