Leeds to Benefit from London Office Revival
The resurgence in office developments across Central London could directly benefit Leeds and the wider Yorkshire region, this is the view of commercial property agents Savills according to a report on TheBusinessDesk.com.
Expected to begin making an impact during the next 12 months, Paul Fairhurst from the Leeds office of Savills explained how he believes that the up-swing in activity taking place in London would begin to ΓÇ£ripple outΓÇ¥ to Yorkshire and begin to provide benefits to the region.
“As history shows this activity ripples out to Yorkshire and we will no doubt benefit from this resurgenceΓÇ¥ explained Mr Fairhurst.
“We are currently experiencing a significant improvement in office demand compared with last year and the lack of development in the city centre over the past few years has led to a reduced supply of new build stock which will inevitably lead to a shortage of grade A space in the city centre in the near future.”
The possibility of a continued rise in demand, coupled with an increasingly limited supply, is expected to drive-up headline rents in the existed grade A office space supply available in locations such as Leeds.
Jeff Pearey, from the Leeds office of fellow commercial agency Jones Lang LaSalle explained:
ΓÇ£Leeds retains its competitive edge nationally with a good range of grade A stock still on offer and rents that compare favourably with the likes of Manchester, Glasgow and Edinburgh.
“Enquiry levels for office space have improved over the first half of 2011 and we anticipate stronger market activity this year in comparison to 2010, this bodes well for anyone contemplating launching an office refurbishment or indeed planning ahead for more substantial developments in the city.ΓÇ¥