Following a significant amount of north-shoring Leeds is seeing demand for office spaces improve dramatically. Over one million sq ft of office space was taken up by businesses in Leeds City Centre by the end of 2017. Numerous big brands such as HMRC, Burberry and the Perform Group have announced relocations. Channel 4, the biggest name to announce its relocation, require its new HQ to have no less than 30,000 sq ft (2,787 sq m) in the existing city-centre office space. With more big brands likely to announce similar moves, many property partners and authorities fear limited supply.
What space is currently available?
According to Savills, there is less than 450,000 sq ft (41,821 sq m) of Grade A office space remaining in Leeds. Highlighting the high office demand in Leeds. Only 12,000 sq ft (1,115 sq m) of represents new build office space. This is due to a large number of contracts being completed towards the end of 2018. Savills reports that office availability in the area is now at its lowest since 2007.
What space is expected for further?
A major refurbishment project at 7 Park Row will add an additional 40,000 sq ft (3,716 sq m) of office space to the area. However, until the refurbishment at the Majestic is completed later this year, there will be no similar Grade A space developments completed in the city centre.
During 2018, Savills recorded that over 650,000 sq ft (60,386 sq m) of office space was taken up. Occupants taking up the offices came from a diverse range of sectors including public, professional and financial. Savills did listed key deals which saw over 40,000 sq ft be let to 2 companies. Investec took residence at 3 Wellington Place (20,500 sq ft ((1,904 sq m)) ). Gilbanks taking residence at 1 Park Row (19,800 sq ft ((1,839 sq m)) ).