Positive signs on office take-up

OFFICE take-up in a Yorkshire city has hit its highest level for four years, according to new figures.

The letting of 155,000 sq ft in Leeds was boosted substantially by the acquisition of 63,000 sq ft at Victoria Place by the Medical Protection Society.

Adam Cockcroft, director of office agency at DTZ in Leeds, said: “Q1 take-up for Leeds city centre increased a massive 300% over the corresponding quarter in 2011. This is largely due to occupiers recognising that the competitive deals currently on offer on grade A buildings will reduce in the near future.

“Grade A stock is starting to decrease with a corresponding hardening of incentives. That said, it is still an ideal time for occupiers to procure new premises on very competitive terms. Pre-let activity is also likely to become more prevalent over the next 12 to 18 months.”

The research suggests take-up in 2012 will go beyond that achieved last year.

Nationally, regional city centre office take-up was up slightly in the first quarter at 909,000 sq ft with grade B deals dominating.

This trend is thought to be due in part to the limited availability of grade-A space in good locations.

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