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Quarterly take-up figures for the Leeds office market have revealed a steady increase in take up activity, compared with last year.
“Footloose occupiers are being tempted to relocate to cost effective accommodation inYorkshire, due to limited supply in other parts of the UK.”
"At the start of the year, the outlook for the Leeds investment market was relatively bleak with investor confidence low as a result of the economic problems, weak occupationaldemand and noticeable scarcity of debt. Yet despite these prevailing conditions the market improved over the course of the year and by the end of 2009 a total of eight deals had completed with a total value of £157.9m."
"Economic activity in Wakefi eld, in common with the rest of Yorkshire and the Humber, has slowed down broadly in line with the UK as a whole. Property values have been falling for two years, but forecasts are suggesting a return to growth in economic output in the coming quarters. In this paper we look at how Wakefi eld is positioned as the country emerges from this recession, and review the projects, currently underway or in the wings, which might allow the city to improve its ...
"Net stock absorption in Leeds fell to -107,995 sq ft in the first half of 2009. The Southern Gateway submarket saw absorption rise by 41,947 sq ft but in the City Core occupation levels fell by 115,889 sq ft."
The Smith Institute, in association with PwC and Newcastle University, undertook the “Fair Deal for the North” Inquiry in the autumn of 2010 and early 2011.
"Until 2007, the market was driven by the strong buy-tolet phenomenon. Although the delivery of schemes into this market has now virtually dried up (see later sectionon thesupply pipeline), the existing 125 city living schemes, comprising around 9,527 apartments, are mostly well-occupied."
"Many incumbent companies currently underutilising their space will need a considerable amount of expansion before real estate requirements increase. Overall take-up is therefore likely to be at a similar level in 2010 and pick up gradually thereafter."
“The lack of speculative developments will be the catalyst for future rental growth.”
With the exception of a flurry of activity in December, investment activity has been extremely subdued since mid-2008. The expected depth and longevity of the current downturn has deterred most investors from all non-essential transactions.