Office enquiries ‘improving’ in city
OFFICE take-up in Leeds is expected to improve in the second quarter of 2011 following a sluggish start to the year, according to new figures.
Data from the Leeds Agents’ Forum shows that total office take-up in Leeds city centre in the first quarter of 2011 stood at 36,759 sq ft across 14 deals compared with 85,000 sq ft in the first quarter of last year.
Glenn Levison, partner at Sanderson Weatherall and the spokesman for the Leeds Agents’ Forum, said: “Whilst transactional activity in the first quarter has been muted, on a positive note agents have reported increased levels of viewings which, combined with a number of larger deals which are currently in solicitor’s hands, means that market activity is anticipated to significantly improve in the second quarter.”
Key city centre lettings in the first three months of 2011 included Optimum 4 taking 8,299 sq ft at Bruntwood’s West One on Wellington Street and Randstad who took 6,706 sq ft at 14 King Street.
At the start of the year two lettings at 10 South Parade, albeit for smaller suites of circa 2,400 sq ft, achieved a headline rent of £28 sq ft.
It is unlikely one single group will drive the Leeds occupational market this year, according to Leeds Agents’ Forum, but there continues to be strong demand for office space of 5,000 sq ft or less from a broad range of occupiers including professional services, media and recruitment industries.
In the Leeds out-of-town market 55,481 sq ft of space was let in the first quarter with key deals including 12,124 sq ft let to UK Lease Management and Morrison Facility Services taking 8,863 sq ft at Junction 7 Business Park.
The Leeds Agents’ Forum was established by the office agents from leading property companies in Leeds to collate and distribute definitive market information.
Its members include BNP Paribas, Carter Towler, CB Richard Ellis, Colliers International, DTZ, GVA, Jones Lang LaSalle, King Sturge, Knight Frank, Lambert Smith Hampton, Sanderson Weatherall, Savills, WSB and Ryden.
