Leeds take-up steadies in 2018 after record year

Take-up in the Leeds office market beat the 10-year average in 2018, but fell below record levels seen in 2017 according to the Leeds Office Agents Forum. Total office take-up came to 663,233 sq ft, just below the five-year average of 667,000 sq ft but 18% above the 10-year average of 561,000 sq ft. The year before had been Leeds’ most active year with 1m sq ft of lettings, led by the 378,000 sq ft GPA/GPU deal at Wellington Place. Chris Hartnell, associate partner at Carter Jonas, said: “2017 was an exceptional year for office take-up, which saw over one million sq ft transacted. If you take out the largest letting from that year’s total – 378,000 sq ft – 2018 was every bit as good, in terms of occupier activity.” There were 35 deals in Q4 totalling 134,579 sq ft, including serviced office provider Orega taking 11,160 sq ft at St Paul’s house. LOAF said it expects growing numbers of serviced office providers to expand into Leeds in the coming year. Out of town take-up in 2018 rose 24% to just shy of 400,000 sq ft. To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @karltomusk or @estatesgazette