Strong Q2 for Leeds office market
27 Jul 2015
The regional office market has continued to demonstrate the strong occupier story with city centre take up across the UK's big nine cities ahead in the second quarter of 2015 of the five year quarterly average.
The latest findings from GVA Bilfinger show that city centre take up was 65% above the average with Q2 2015 seeing 213,126 sq ft taken up, almost double the five year quarterly average of 129,496 sq ft.
These figures were buoyed by a number of significant deals including 51,500 sq ft pre-let to Addleshaw Goddard at 3 Soverign Square and 49.600 sq ft to PwC at Central Square, with both buildings due for completion in the second half of 2016. In fact both these deals made the list of top five city centre deals for the quarter finishing behind HSBC's 212,000 sq ft taker up in Birmingham.
The report also identified a growth in the net effective rent with figures of £23.85 per month, growing from £19.38 during the same period 12 months ago. These figures show there is a continued demand for office space across Leeds and that despite growth in rent prices, the city still offers a cost effective alternative to London and the South East.
To download a copy of the full report from GVA, click here.