Office take-up in Leeds, Yorkshire, in 2014 fell to half the total reached the previous year, according to the Leeds Office Agents’ Forum.
Occupier take-up in the city centre reached a full-year total of 545,006 sq ft – nearly 8% ahead of the 10-year average of 505,446 sq ft but some way down on the bumper 2013 total.
Total out-of-town activity across 2014 reached 236,719 q ft, helped by a strong fourth quarter where take-up hit 118,132 sq ft across 27 deals. The largest were Search Laboratory, taking 23,685 sq ft at Blokhaus in Horsforth, and the letting to Tekla of 20,395 sq ft at Synergy 27.
Office take-up improved 10% in the fourth quarter of 2014 compared to the previous three months, with 157,568 sq ft across 36 deals.
City centre activity was boosted by two significant prelets to law firms – Squire Patton Boggs committed to 32,382 sq ft at MEPC’s 6 Wellington Place and DAC Beachcroft signed for 24,800 sq ft in St Pauls House on Park Square.
Savills head of Leeds, Paul Fairhurst, said: “Quarter four take-up was strong, as anticipated, with two major prelets and some sizeable deals across the city centre and out-of-town markets.
“Market activity was never going to reach the ‘dizzy heights’ of 2013 when we saw the best level of take-up for over 15 years; however our data shows a healthy volume of deals which points to improving occupier sentiment.”
