Somber Reptile

Optimism in Leeds Office Market

February 27th, 2010 at 10:30 am (Ads + Plugs, Great Real Estate Tips, Markets)

Leeds office market had witnessed good as well as bad times last year as the biggest deal of five years in office market had been struck in 2009. However, the total take-up of firms to rent desk space had decreased from the average of the previous ten years.

The total take up had gone down to around 400,000 sq ft last year which marks a decrease of nearly one-fifth from the average of last ten years that was calculated to be close to 496,000 sq ft by the Leeds Offices Market View report of CB Richard Ellis (CBRE).

There had been optimistic signs in the office market by the end of 2009. The largest deal in the last five years had been struck last year in which 55,000 sq ft office space in the Livingstone House on Clarence Dock was taken over by Yorkshire water. Further, there were deals involving 160,000 sq ft office spaces negotiated in the last three months of 2009.

Jonathon Shires, Director of the Leeds office agency, CBRE had noted that the Leeds office space market was becoming more optimistic and Yorkshire had stood firm during the economic crisis.

The economic conditions had led to opening up of smaller organisations and the existing companies had cut down on the number of their workers. Most of the leasing agreements in 2009 involved sub-leases.

Further, the private sector would soon be able to give stiff competition to the public sector which occupies most of the current market share and the private stakes in the market will rise up to nearly three-tenth in future.

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