Leeds Net Stock Absorption Autumn 2008

Published: September 2008
Source/Company: Colliers International

Abstract:
Executive Summary
• Positive net stock absorption in Leeds has continued in the first half of 2008. Although
only just under 20,000 sq ft was absorbed across the whole Central Leeds market, the
City Core saw its highest absorption level for 18 months.
• Despite a year on year absorption figure of -2,272 sq ft the vacancy rate in Central
Leeds has only risen by 0.1% in 2008 to date, currently at 8.6%.
• Marked rise in available Grade C space reaching its highest level for over two years.
Market ‘churn’ is increasing within Leeds as occupiers seek to upgrade their space by
relocating into higher quality units and releasing second-hand space.
• Demand fell slightly in H1 2008 with half yearly take-up down by 10% on the previous
six months. City Core take-up fell by 29% but Grade A take-up rose by 53%
underlining the demand for centrally located high quality units.
• Leeds saw limited new space brought to the market with only the refurbished Building
One at Leeds City Office Park (60,942 sq ft) being completed. While Grade A
availability fell by 14% in the City Core, the next six months will see 406,649 sq ft come
to the market at Broad Gate, Latitude Red and the Mint.
• Prime rents have risen for the second time in the last three quarters as ready to occupy
Grade A stock reduces. Headline rents of £27.00 psf were achieved at Whitehall
Riverside and Bridgewater Place in deals to Henderson Insurance and
Operon respectively

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