City centre office take-up on the rise

Take-up of city centre office space in Leeds is predicted to surpass 400,000 sq ft by the end of the year, according to a group of commercial letting agents.

Data compiled by the Leeds Agents’ Forum shows that take-up of office space in the third quarter of 2011 totalled 115,973 sq ft, a 67 per cent increase on the same period last year. In total, 37 city centre deals concluded between July and September, compared with 30 in the previous quarters and just 14 in the first three months of the year.

Total take-up so far this year is 311,109 sq ft and is already ahead of 2010’s full year total of 283,231 sq ft.

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Notable city centre transactions in the third quarter included the freehold sale at the 26,485 sq ft Dysons Chambers on Lower Briggate and Ingeus’ acquisition of over 12,000 sq ft at The Gateway.

Four deals, totalling 12,111 sq ft, also concluded at Highcross’ Toronto Square.

In the out-of-town market, take-up totalled 62,970 sq ft in Q3, which was a 15 per cent increase compared with Q2 2011 and also the best performing quarter over the last 12 months.

Emis took 12,517 sq ft at Kirkfield Business Centre in Yeadon and SRCL leased 10,232 sq ft at Indigo. Total year-to-date out-of-town take up is 170,087 sq ft.

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The forum said: “After a slow start to the year office leasing activity in Leeds city centre has improved significantly over the last two quarters and now, at the nine month mark, take-up has surpassed last year’s full year total.

“Whilst occupiers remain cautious, the figures show a healthy level of interest, at what is traditionally the quietest three months of the year, and subsequently we are confident that take-up will reach 400,000 sq ft by the end of the year.”

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