The Leeds Office Agents Forum (LOAF) has released its latest office data, with the first quarter of 2026 (Q1 2026) reflecting a changing pattern of occupier demand across both the city centre and out-of-town markets.
Leeds city centre office take-up reached 34,336 sq ft in Q1 2026, an 86% decrease on the same period last year. Activity was driven by a limited number of larger transactions, alongside a clear increase in demand for smaller, more flexible space.
A total of 19 city centre office deals were completed in the first three months of the year. The largest was to Ridge & Partners LLP, who secured 6,953 sq ft at 1 South Brook Street, Aire Park.
The out-of-town (OOT) market recorded take-up of 49,245 sq ft, marking a 48% decrease on Q1 2025. As in the city centre, 19 deals were completed, with activity reflecting a shift towards smaller unit sizes. The largest OOT transaction was completed by Labskin, who acquired 11,320 sq ft at Unit 20, Thorp Arch,
Clem McDowell, director at Carter Towler, said: “Q1 volumes reflect a shift in occupier demand towards smaller, more flexible space.
“In the city centre, 68% of all deals were for space below 1,500 sq ft, a notable increase from 32% in Q1 2025. Similarly, in the out-of-town market, 58% of transactions were below 1,500 sq ft, compared with 42% in the same period last year.”
Eamon Fox, partner at Knight Frank, added: “Looking ahead, we cannot underestimate the pulling power of Leeds. This quarter’s activity does not reflect the full picture, as we are already seeing larger inward movers to the city, with transactions due to be announced later in 2026 that will help restore activity to more traditional levels.
“There is no doubt that occupiers will continue to prioritise cost control across business expenditure while economic uncertainty persists. However, there remains a critical need for high‑quality office space. This demand is now being addressed by a number of developers and landlords who understand the city, delivering excellent‑quality office accommodation that aligns with employers’ desire to use the workplace as a destination to help recruit and retain the best talent.”
LOAF members include Avison Young, BNP Paribas Real Estate, Carter Towler, Carter Jonas, CBRE, Colliers, Cushman & Wakefield, Fox Lloyd Jones, JLL, Knight Frank, Lambert Smith Hampton, Sanderson Weatherall, Savills, and WSB.
