The rise of the Leeds office market
Quarter 4 of 2015 saw an exceptionally large growth for the Leeds office market. Take-up reached 267,187 sq ft which is just a fraction below the highest quarterly take-up ever recorded in Q4 2014.
A total of 680,100 sq ft of office space was transacted across the full year from within the city centre. There were five city centre deals of more than 10,000 sq ft during the year which included the pre-let to Sky at Leeds Dock, totalling 62,000 sq ft. This was the largest letting of the year.
Robin Beagley, partner at WSB Property Consultants, said: “Looking ahead, with buildings 5 and 6 Wellington Place, Central Square and 3 Sovereign Square coming on stream during 2016, the future of the city centre office market looks extremely positive.”
3 Sovereign Square
This is a new statement development situated in the centre of Leeds adjacent from Leeds station. The building will create 80,000 sq ft of Grade A workspace as well as 10,000 sq ft of retail and leisure space.
Sovereign Square is part of a plan to connect the city centre to the planned South Bank development. The building is set to be completed to a potential CAT B fit-out by this summer.
Central Square
The city centre, high profile, mixed use development is located in a traditional office area of Leeds. Central Square offers an attractive ‘Sky Garden’ on the 9th floor and a first floor reception for the offices accessed via a feature escalator.
The office and leisure complex is set to open by Autumn/Winter 2016.
5 and 6 Wellington Place
Wellington place will offer flexible office accommodation with large green spaces within a hub of commerce, leisure and culture. The buildings are well located with “exceptional transport links”.
5 Wellington Place will offer modern, open-plan spaces and future office design. 6 Wellington Place will include a spacious reception and open floorplates so space can be configured with all the flexibility modern businesses require.
5 Wellington Place is due for completion in Q3 of this year whilst 6 Wellington Place should be completed within the first quarter of this year.
A “pivotal year” is set for the Leeds office market in 2016, according to Jeff Pearey of JLL’s Leeds office. He said the city has seen: “a renaissance within the last five years” with a “host of new office developments while the city’s retail and leisure offer has dramatically improved too”.
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