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Jack Cooper
Jack Cooper
  • 1 Minute Read
  • 23rd July 2013

Leeds Office Space Reports Huge Growth in Demand

Office take-up in the city of Leeds, Yorkshire, has peaked at a five-year high, according to market analysis from GVA.

With occupancy rates almost doubling the five-year average in the second quarter of 2013, optimism in regional markets continues to improve. At 203,145 sq ft take-up, the GVA report finds the increasingly stable economic position has filtered into occupier business strategies.

Several other major economic centres, including Bristol and Birmingham, have reported well above-average take-up rates.

Matthew Tootell, director of offices at GVA, said: "Leeds has seen a similar level of take-up in the first half of the year to the annual take-up over the previous for years."

"The large KPMG and Dart Group deals of the first quarter have been followed by Yorkshire Building Society taking 76.000 sq ft at Highcross' refurbished Broad Gate development - the largest deal in the city in ten years."

Carl Potter, national head of offices at GVA, said: "Our second quarter analysis of regional office take-up is encouraging. Sentiment is up on what was already a positive first quarter."

GVA believes take-up figures will continue to improve.

Demand for Grade A stock continues to rise, disproportionately to the amount of stock currently available. Though replenishment is taking place, the pace at which it continues is slow.

"Without speculative development, an ominous tipping point will present itself," said Potter.

"Demand has already started to outstrip supply in some regional cities, and this will be replicated in all of our cities just 18 months from now."


A range of regional Leeds office spaces are available to view here.