EG was in Leeds this week for our Yorkshire Focus reception. Its property professionals were in fine fettle, with take-up in the city set for another record-breaking quarter. Take-up should top 250,000 sq ft in Q1 2014, according to EGi data.
Deal sizes may be shrinking but the Yorkshire capital is set to see transaction volumes rise by 46%, cementing Leeds as the number one regional office market ahead of Birmingham, Manchester and Cambridge.
Its take-up in 2013 was the highest for 15 years and more than double that of Nottingham and Newcastle, or the same as Sheffield, Bradford and Loughborough combined.
Leeds continued to steal a march on other regional centres as financial services occupiers such as insolvency, debt collection and legal firms took space.
The public sector also boosted figures last year, with the NHS signing for 50,000 sq ft and launching a search for a further 150,000 sq ft. In Q1 education provider the University of Law agreed one of the largest deals, signing for 26,000 sq ft at 15-16 Park Row.
However, a looming supply crunch may put the brakes on the city’s bull run.
No prelets were signed in Q1, but there is less than 10 months of new, refurbished or pre-construction space available at current take-up levels.
nadia.elghamry@estatesgazette.com
