Leeds Office Space Continues To Churn
Leeds city centre office leasing activity throughout the second quarter of 2009 continued to mostly come from market churn with no large office lettings that were over 10,000 sq ft. Take up space fell slightly, but it stayed in line with the last five years so the fall was not too significant according to results from the Jones Lang LaSalles’s Leeds Offices Update report for the second quarter.
It seems that the current economic uncertainty is clearly shown in the Leeds office market as occupiers were cautions to move during the second quarter. He also said that since landlords are primarily concerned with securing income streams and occupiers looking to avoid the price of moving to a new location, lease renewals and adjustments were frequent.
In other words, companies in Leeds city centre were choosing to stay put instead of moving into new commercial lots which caused the stall in development throughout the area.
Furthermore, the report from Jones Lang LaSalle showed that the demand for office space fell in the second quarter with only 128,500 sq ft of new market enquires; a 40% decrease is over the average of the past five years.
The rest of leasing in 2009 is expected to be driven by those looking for desk space and shared offices in the public sector (more on desk space Bradford) which already has a large part in the current occupier demand.
Demand from other sectors is expected to stay low with only a total take up total of 350,000 sq ft of office space by the end of 2009 in the Leeds city centre.
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