Leeds proving to be a popular place to do business

06 11 19 Leeds National Offices

Channel 4’s relocation is helping to increase interest and investment in the city.


Demand to do business in Leeds is apace as more than 580,000 sq ft of office space was let to companies in the third quarter of the year – a 10% increase on last year’s Q3 results. 

Media, technology and business service sectors have dominated the take-up during 2019 so far.

Currently prime city centre vacancy stands at only 1.39% (176,470 sq ft) of the total market and overall vacancy is 7.29% (928,248 sq ft)

Roddy Morrison, Colliers International’s director of National Offices in Leeds, said: “The city is a really hot location at the moment; media and technology occupier demand continues to dominate, with new and existing occupiers looking to complement the likes of Channel 4. Prime space is really restricted which is going to have an impact on rents, most likely rising from £30 per sq ft to £32 by the end of the year.

“With only small spaces available, we’re seeing lots of sub-5,000 sq ft spaces being taken as well. Now is a prime time for investors to come to the city and regenerate the brownfield sites with mixed use developments to house these new businesses and their workers or renovate older buildings.”  

During the last three months there were 27 deals completed for spaces below 5,000 sq ft, and in total in the first nine months of the year there have been 78 smaller space deals, amounting to 136,150 sq ft of take up. Grade B leasing activity also overtook Grade A this quarter representing 53% of total take-up.

The completion of 1 Leeds City Office Park (61,000 sq ft) has brought some much needed Grade A space to the city centre office market this year. Next year the new space coming through (513,471 sq ft) has already been snapped up by GPU at 7&8 Wellington Place and Stars Group at 4 Wellington Place. However, there will also be 89,954 sq ft of refurbished space becoming available. 

Lisa Dean, associate director for research and forecasting at Colliers, added: “It is expected that business interest in Leeds is going to continue to grow over the next few years, particularly as the cost of property and employment is competitive compared to other regional cities. Future developments will provide much needed regeneration among mixed-use developments in the city centre.”

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Roddy Morrison

Director

Leeds

I head up the Yorkshire and North East offices team and have over 20 years agency experience specifically within the region. I have been involved in numerous high profile city centre, business park and office led mixed use developments throughout the region.

Majoring on disposal and acquisition work for a variety of Property Companies, Funds and occupiers, I have also been prevalent in providing development advice on mixed use and regeneration projects throughout the region.

I also provide development consultancy and strategy advice to a number of local authorities, education institutions and charities.

I have worked with and agreed comprehensive multi-site 5 year Property Strategy Review Programmes with two large UK Financial Services occupiers within the past 5 years. 

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Lisa Dean

Associate Director

London - West End

I have more than 20 years experience working in the UK property industry and have an extensive background in UK property research, undertaking varied types of property and fund due diligence research over my career.   At Colliers International, I lead our National Offices Research for Manchester, Birmingham, Leeds, Bristol and the South East. 

I am responsible for our quarterly reporting and statistical analysis of occupier trends in the major UK regional cities as well as bespoke analysis, consultancy and commentary on these markets. In addition to our quarterly reporting, I collect and analyse prime rental data for 63 towns and cities across the UK to produce our National Offices Rents Map.

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Hannah Zitren

PR Manager

London - West End

Currently on maternity leave.

As PR manger in the UK, I am responsible for media relations and generating coverage in top tier media. I work across a range of Colliers’ UK & Pan-EMEA business lines (residential; licensed and leisure; planning; hotels; retail; healthcare and automotive) advising on their strategic and tactical PR needs.

My role includes:

·         Developing and executing PR plans for the various business lines to help promote their key messages across all aspects of the media - print, broadcast and social.

·          Media evaluation and reporting objectives, targets and successes across the business.

·         Reputation management and crisis management.

·         Media training.

·         Media engagement: setting up meetings with top tier media and various internal spokespeople to continuously expand and build a presence with property and vertical media network.

·         Consistently delivering service excellence, meeting with business heads of a regular basis and trying to influence the research as much as possible to ensure our content has a strong enough news hook.

·         Key campaigns that I work on include MIPIM; MAPIC; REVO; Midsummer Retail Report; IHIF; Cities of Influence in addition to a host of all alternative property sector research reports.

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