Positive signs for Leeds office market

THE Leeds Grade A office space market has performed well in the first half of 2011 but rental prices remain below pre-recession levels, according to new research.

Grade A rents have remained unchanged since January of this year, with headline rents standing at £24 per sq ft with incentives on a 10 year lease equivalent to 24 months rent free.

That figure compares to the average Leeds rent of £26 per sq ft in 2008, according to the half-yearly Market Monitor report from consultants Drivers Jonas Deloitte.

Adam Robson, assistant director at Drivers Jonas Deloitte, said:  “Strong performance in Q2 – with 145,000 sq ft let – can be attributed to some large deals for existing Leeds occupiers, including Asda at the Mint, a pre-let to Clarion Solicitors at Elizabeth House and Redmayne-Bentley’s relocation to 9 Bond Court.

“There is also a good level of demand that should see the Leeds market to continue to perform well throughout 2011.”