Office take-up in Leeds halved in the third quarter of 2013 as deal volumes plummeted, according to Estates Gazette’s regional office research.
The city market registered take-up of 153,000 sq ft compared with over 300,000 sq ft in Q2. But three-quarters of this total was down to one deal, with Direct Line signing for 114,000 sq ft at The Headrow.
Without this the city would have failed to break through the 40,000 sq ft mark. Just nine deals were signed in the three months to end of September compared with 52 in Q2.
Gains were made in the Yorkshire capital in Q2 as several large occupiers took the leap and settled long-standing requirements. The second quarter saw two deals top the 70,000 sq ft mark, with signings to Yorkshire Building Society at Brookgate and the Dart Group taking four floors at The Mint.
As a result availability of new build and refurbished stock dipped below the 500,000 sq ft mark, compared with 662,000 sq ft in Q3 2012.
Remaining long-standing requirements are opting to regear with Walker Morris extending its lease at King Street, LS1.
Headline rents also drooped with the highest achieved rent this quarter standing at £25 per sq ft compared with £28 per sq ft last year.
nadia.elghamry@estatesgazette.com
