Crane survey points to recovery
THE Leeds property market is showing signs of tentative recovery, according to a new survey.
Research tracking the number of developments getting under way found work had started on seven new schemes this year compared to last year’s record low of five.
The majority of schemes highlighted by the Drivers Jonas Deloitte Crane Survey have been office buildings in the centre of the city.
John Weir, director and head of Drivers Jonas Deloitte in Leeds, said: “The Leeds office market is making a modest comeback, albeit with smaller scale and arguably more relevant refurbishment projects than the landmark developments seen pre-recession.
“This reflects a balancing out of demand and supply as the market has readjusted itself to life in a new economic era. Looking ahead there are some significant requirements waiting in the wings which will hopefully add more fuel to an office construction revival, in the core of the city.”
The survey shows that the Leeds residential sector remains subdued although the city has seen the start of its first new development in the city centre.
Developments in the retail sector have been limited to the refurbishment of 2 Bond Court and the KLICK retail development next to the Crown Point shopping complex.
Mr Weir added: What the market needs now is confidence, provided by economic stability, and the backing of finance providers. Demand for space from both indigenous and footloose requirements is also a critical ingredient. As such, our overall outlook for the future remains cautious.”
