Leeds Office Space Becoming Limited
Following in the footsteps of London, Birmingham and Manchester it would appear that Leeds is the latest UK city set to suffer from the diminishing supply of office space, with a report from commercial property experts Jones Lang LaSalle highlighting the expected difficulties.
Driven once again by a limited pipeline of future office developments, the pressure on the existing supply level in Leeds is expected to cause a reduction in the number of office relocation taking place during the next 12 months, as the availability of Grade A Office Space continues to fall.
According to the report, enquiry levels for conventional office space in Leeds have increased despite a 57% decrease in the amount of office space becoming occupied across the City.
In contrast, the serviced office submarket in Leeds has experienced a 17% YTD decrease in enquiry levels (Jan-May 10/11) being accompanied by a 22% increase in the number of new businesses entering serviced office space. Workstation prices in Leeds have also risen by an average of ┬ú62 from ┬ú211 in 2010 to ┬ú273 in 2011.