Top rent for office space in Leeds reaches £38 per sq ft - new report says

The top rent for office space in Leeds has now risen to £38 per sq ft, breaking all records, according to new data.
Lizzie Murphy
By Lizzie Murphy
Published 14th Feb 2024, 16:45 BST

Knight Frank’s new UK Cities report, published this week, reveals that city centre rents have increased by six per cent over the past 12 months.

Notably, top office rents have risen by 19 per cent since the onset of the Covid pandemic.

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Eamon Fox, partner and head of development at the Leeds office of Knight Frank, said: “The market is such that transactions are no longer rent sensitive, but amenity and quality is scrutinised more than ever by our occupier customers. When we get this right, we see growth in rents”.

City Square House in Leeds. Top office rents in Leeds have reached £38p per sq ft according to Knight Frank.City Square House in Leeds. Top office rents in Leeds have reached £38p per sq ft according to Knight Frank.
City Square House in Leeds. Top office rents in Leeds have reached £38p per sq ft according to Knight Frank.

“Leeds experienced strong occupier demand in 2023, with the city registering the highest level of annual take-up since 2019. Total take-up during the year was at 651,461 sq ft, 10 per cent above the five-year annual average and a nine per cent year-on-year increase.”

Related topics:Leeds