Office take-up in Leeds city centre increased 53% in the first half of 2023 compared with the same period last year, according to the latest data from Leeds Office Agents Forum (LOAF).
In Q2 2023, 146.042 sq ft of deals transacted across the city centre, taking the H1 total to 412,756 sq ft. The largest letting in Q2 was to HM Courts and Tribunal Service (HMCTS), which took 26,328 sq ft in Bruntwood’s West Gate scheme (pictured).
Eamon Fox from Knight Frank, commenting on behalf of LOAF, said: “The flight-to-quality from occupiers seeking the best-in-class office space continued which helped bolster take-up in the second quarter. In all, we have seen a good momentum of activity in the city centre over the first half of 2023. A shortage of Grade A city centre offices until spades go in the ground to start on new developments will be a real issue this year and into next. It is clear that the best quality stock continues to be in high demand.”
The market was more subdued for out of town space, with deals totalling 54,830 sq ft recorded in Q2.
Clem McDowell, from Carter Towler, said: “Set against the challenging macroeconomic backdrop, the out-of-town market still showed a pleasing level of activity, with take-up just short of 100,000 sq ft for the first half of this year. While the number of deals is down, activity has continued to come from a broad range of occupiers and shows the attraction of business parks with ready accessibility, public transport links, and good onsite parking and amenities.”
