Leeds city centre office take-up totalled 156,675 sq ft across 33 deals in the third quarter of 2025 (Q3), according to the latest data from the Leeds Office Agents Forum (LOAF).
Activity in the city centre increased by 7% compared to the same period last year, with 75% of transactions less than 5,000 sq ft in size.
The largest deal of the quarter was a 47,016 sq ft pre-let to Eversheds Sutherland at Kellstone, Aire Park, marking one of the most significant lettings in recent years. Flexible workspace operator 2-Work also expanded its Leeds presence, taking a combined 26,881 sq ft across two city centre sites.
Adam Cockroft, Partner at Cushman & Wakefield, said: “City centre activity bounced back in Q3, highlighted by the pre-let to Eversheds Sutherland, the first firm to secure space at Kellstone, Aire Park, with a move-in expected in early 2027.”
“At the nine-month point, city centre office take-up remains broadly in line with the same period last year, demonstrating steady performance despite constrained supply. We expect several key pre-lets over the next six months as occupiers secure space for lease events in 2027–29.”
The out-of-town market recorded 53,280 sq ft across 24 deals, with 92% of transactions under 5,000 sq ft. The largest was the 6,000 sq ft freehold sale of 31–35 High Street, Morley, to Green Commercial Holdings.
LOAF notes that out-of-town take-up was 53% lower than in Q3 2024, although overall activity across the first three quarters of the year of 189,783 sq ft remains broadly in line with the same period in 2024.
Robin Beagley, Partner at WSB, added: “Demand remains strong for amenity-rich, sustainable workspace, and limited Grade A supply is continuing to push city centre rents higher. Notably, 1 City Square and 12 King Street in the prime office core reached full occupancy during the latest quarter.
“Prime rents have now reached £46 per sq ft, and with supply diminishing, around £50 per sq ft is being quoted on new schemes.”
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.
