Take-up

Take-up in Leeds during Q3 2025 totalled 156,675 sq ft, which was 7% higher than Q3 2024 and 10% higher than the five-year average. Q1–Q3 take-up totalled 482,286 sq ft, which was achieved through 78 transactions. Take-up was slightly down by 3% on the same period in 2024; however, it was 12% above the five-year average.

Grade A and Prime take-up totalled 276,279 sq ft and accounted for 57% of the total, 5% above the five-year average combined take-up. Of the 78 transactions, 42 were for Grade A and Prime space, accounting for 54% of the total.

In Q3, 72% of take-up was sub-5,000 sq ft. The most notable letting in Q3 was Eversheds committing to 47,000 sq ft at Kellstone, Aire Park, which is due to p/c in December 2025. There were two other deals over 10,000 sq ft, both at No1 Whitehall Riverside: Sweco (14,966 sq ft) and 2 Work (18,417 sq ft). Interestingly, the market is seeing an increase in the number of ‘fitted’ deals, with 11 deals in Q3 being for fitted space, which is circa a third of all Q3 transactions.

Supply

Total availability in Leeds at the end of Q3 2025 totals 979,103 sq ft, an increase of 2% on the previous quarter. Of the total, secondary stock accounts for 54%. The vacancy rate has increased by 20 basis points (bps) to 8.0%.

Grade A and Prime availability total 246,194 sq ft and 201,545 sq ft, respectively. Whilst Prime increased, the vacancy rate increased slightly by 20 bps to 1.6%. However, Grade A decreased by 9%, meaning the Grade A vacancy rate now stands at 2.0%, a decrease of 20 bps.

Take-up by business sector

The most active business sector in Q1–Q3 2025 was the 'Public Services, Education & Health' sector, which leased a combined total of 164,911 sq ft and therefore accounted for 34% of the take-up. There have been 12 transactions during the year, with the largest being acquired by Network Rail in Q1 2025 at 2 Princes Square for a total of 109,000 sq ft.

Another active sector during the year has been the 'Professional' sector, which leased a total of 125,909 sq ft through 13 transactions. The sector accounted for 26% of the total, with Eversheds acquiring the largest transaction of the sector and the quarter.

Rents

There was a new headline rent established in Q3 2025, and was achieved at a rent of £46 per sq ft. This is 18% higher than the same period in 2024, and represents an increase of 15% on the previous rental levels during the year. There were further lettings in Q3 of £40 per sq ft and above that have now established a new rental tone for the city. Savills revised rental forecasts are predicting headline rent will grow by 11% over the next five-year period, to reach a market high in excess of £51 per sq ft by 2029.

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