Leeds building
3 Sovereign Square, Leeds.
Rebecca Wayman

Latest Knight Frank figures reveal Leeds' office market is 'as strong as ever'

According to Knight Frank’s latest figures, the Leeds office market continues to be buoyant.

Leeds city centre registered the biggest increase of any city in the UK in terms of occupier take-up in the first quarter of this year, with deals comprising 222,318 sq ft taking place.

This was said to be up by 65 per cent from the previous quarter, and 58 per cent above the 10-year quarterly average the highest level of take-up for a quarter since the end of 2017.

Eamon Fox, partner and head of office agency with Knight Frank in Leeds, said: “The key to this substantial rise was the third largest deal of Q1 across all the regional cities, which was the 71,288 sq ft pre-let to Link Asset Services at Central Square.

“The financial consultancy’s decision to relocate means the Central Square building is now fully let.

“As a result, the professional services sector accounted for the highest proportion of take-up in the first three months of 2019. This was further supported by the 20,701 sq ft letting at 3 Sovereign Square to WYG Plc., which is also now fully let.”

He continued to say that the Grade A availability fell to just 180,000 sq ft during the quarter, said to be 46 per cent below the 10-year average. New developments are set to be completed by 2020.

This includes 4 Wellington Place and the first phase of CEG’s £350m South Bank scheme, bringing 174,000 sq ft of office space to market.

Investment volumes in the first three months of this year were £19.45m, comprising of four deals. This total is 37 per cent above the five-year quarterly average.

The sale of the Paradigm for £10.2m was said to be the biggest transaction of the quarter.

The building is the first speculative office building at the £162m Thorpe Park scheme. The park hosts more than 60 blue chip businesses, employing around 4,500 people.

Tenants include: Pure Retirement, Wates Construction, EP UK Investments Limited and Renew Holdings. The second largest office transaction was the £7.1m acquisition of The Headrow by Strathearn Glasgow Ltd.

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