Office market still booming in Leeds as new stock dries up

34 Boar Lane, Leeds

Supply of new city centre stock dwindles due to strong take-up.

In 2017, take-up punched through the 1m sq ft mark for the first time ever thanks to the massive government hub letting at Wellington Place, which was the largest pre-let ever recorded in Leeds.

Last year, as expected, volumes fell slightly from the record-breaking 2017 figure, but the city still posted a healthy annual take-up of 657,000 sq ft – above the 10-year average of 548,000 sq ft.

Despite the uncertainties presented by Brexit, 2019 has got off to a decent start, according to Jeff Pearey, head of JLL’s Leeds office. “Leeds recorded over 220,000 sq ft of city centre take-up in the first quarter and a major contributor to this was the letting of 71,000 sq ft to Link at Central Square,” he says.

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