2024-09-17-莱坊-UK_Cities_Leeds_Q2_2024_1页_298kb

Leeds Office Market Q2 2024 Summary

This report highlights key metrics for the Leeds office market in the second quarter of 2024, showing active investment and occupancy trends.

Investment Activity

• Occupational Investment Take-up: Total take-up for the quarter is 200,000 square feet.
• Under Construction Volumes: Schemes with completion between 2024 and 2026 account for significant investment, perhaps totaling around 428,489 square feet based on the provided data.

Supply and Demand Dynamics

• Demand: Professional services drove 99,348 square feet in new take-up with 23 deals.
• Vacancy: The Grade A vacancy rate stands at 6.8 percent.
• Volume Trend: Occupancy volumes decreased by 57 percent compared to the 10-year average.
• Prime Centre: There are four prime office centers, with an OOT (Outside of Town center) return yield averaging around 7 percent.

Investor Profile

• Investor Types: Overseas investors dominate at 45 percent, followed by occupiers at 9 percent, financial/banks at 10 percent, and property companies at 36 percent.
• Prime Metrics: Current prime yield is 7.00 percent, and the prime rent is £38.00 per square foot.

Forecast

• The end-2024 forecast indicates potential stability in the market, with Q2 2024 trends aligning closely with recent quarters.

Transaction Highlight

• A notable deal involved the sale of Joseph's Well, covering 43,371 square feet at 7 Park Row for £8.35 million, between Leeds Teaching Hospitals NHS Trust and vendors like CBRE and Firefly Capital.