Leeds office market experiences increased activity
CB Richard Ellis release Leeds Office MarketView showing a positive switch for commercial property in the northern city
After withstanding the tides of the recession, the commercial property market in Leeds is showing renewed confidence as activity levels show improvement. A report into the Leeds Office MarketView courtesy of CB Richard Ellis has pinpointed certain contributing factors that have enabled the commercial property market in the city to return to form.
Take up of office space by relocating companies in the first half of 2010 is ‘significantly greater’ than the figures collected over the same period in the previous year. Speculative deals in particular have increased by nearly a third from £103 million worth of investment to £151 million, showing increasing confidence in the Leeds office market with buyers looking to commit to new ventures.
Director of Office Agency for CBRE Leeds, Jonathan Shires, said of the figures, “While take-up in Leeds city centre in the first half of the year at 143,800 sq ft was down on the 229,800 sq ft completed in the last half of 2009, when compared with the first half of last year the figures aren’t too far behind the 184,200 sq ft completed. The major source of demand in the first half of the year was the Business Service sector which accounted for 20 of the lettings and took a 30 per cent market share of all space let.”
Not only has the office investment market shown positive improvements, but larger office space transactions such as the £51.3 million Whitehall Riverside purchase and the BT building sale for £40 million show an office market well on the way to recovery.
If you are moving office in the Leeds area click here to go to the Leeds Moving Office Guide, which will provide contact details for companies in the area who can help with your office move.
