See examples of Office Space to Rent in Leeds here
Rent for Grade A office space could grow to GBP 25 per square foot, research from Knight Frank has indicated.
At its height, office space in Leeds was renting for GBP 27 per square foot, but for the last 18 months has been at GBP 24 per square foot.
Increased take-up is the main factor behind the rent rise the report indicated, and in the next year competition for Grade A office space in the city will grow stronger.
Alex Munro, Head of Commercial Agency Development in Leeds told the Yorkshire Post: “The occupational markets still remain tough but, with diminishing levels of Grade A supply, we expect some occupiers to consider taking advantage of the deals on offer now in order not to miss out.
“This may trigger the pre-let market, but with funding still hard to secure, most developments will need to see around 30 per cent to 50 per cent pre-committed to prior to any start on site.”
Meanwhile, a new office centre in Leeds has recorded 22 per cent occupancy in its first month.
Operated by serviced office provider i2, the building is part of Leeds No.1, a new 122,000-square-foot office development.
Bobby Van Wyk, i2 Office’s General Manager for Leeds, commented: “Our new centre is located in a superb Grade A building with a modern fit-out and great facilities including a fully catered Costa branded café. It is no surprise that businesses are already keen to take space at this building which has the highest spec of any new building in Leeds.”
Editor’s notes: In 2022, best-in-class office space in Leeds reached GBP 36 per square foot representing a growth of 9.1 per cent compared to the previous year – one the highest growth rates of the Big 6 UK office space markets.
Serviced office provider i2 rebranded as Landmark in 2018. See examples of the workspace Landmark provides at No 1 Leeds on Whitehall Road.