Figures published from the Leeds Office Agents’ Forum (LOAF) show office take-up for the third quarter of 2022 (Q3 2022) reached a total of 188,609 sq ft across Leeds.
Leeds city centre recorded 137,376 sq ft of take-up across 34 office deals in the three months from July to the end of September. So far in 2022, 618,884 sq ft of office take-up has been recorded by LOAF across Leeds.
The letting at 6 Queen Street to the Financial Conduct Authority, a new occupier to arrive in Leeds, was the largest Q3 city centre deal to complete. LOAF highlighted that this transaction underlines the city’s reputation as a thriving financial, digital, and tech hub.
Forum member Ross Firth from LSH said: “Despite some economic headwinds, we continue to see a ‘flight to quality’ which is evidenced by two city centre lettings at the newly refurbished 12 King Street.
“Occupier interest in sustainability also continues unabated as we increasingly move into an ESG-focused market, especially for larger businesses. This is reflected in the letting activity and interest we are seeing in developments that have stronger environmental credentials and sustainable benefits. Grade A rents in the city centre currently equate to £36 per sq ft.”
In Leeds’s out-of-town market a total of 51,233 sq ft across 20 office deals were completed in Q3 2022. The Forum noted that the highest out-of-town rent in the quarter was again witnessed at 3150 Thorpe Park where £21 per sq ft was reached in the letting to Hawkswell Kilvington.
Chris Hartnell from Carter Jonas added: “Activity in the out-of-town market was a little subdued this quarter with the absence of any new stock being built remaining a key issue. As the sustainability agenda, and especially the need to curb carbon emissions, is increasingly influencing workplace decisions, investment in new buildings and quality office refurbishments do matter.”
The Leeds Office Agents’ Forum is made up of Avison Young, BNP Paribas, Bowcliffe, Carter Towler, Carter Jonas, CBRE, Colliers International, Cushman & Wakefield, Eddisons, Fox Lloyd Jones, JLL, Knight Frank, Lambert Smith Hampton, Ryden, Sanderson Weatherall, Savills, and WSB.
