Leeds Office market close to “bottoming out”
The Leeds office market will “bottom out” this year and will return to growth, according to local commercial property experts.
Drivers Jonas recently published their ‘Office Trends – UK Key Cities’ which demonstrated that a shortage of grade A stock in the City of Leeds meant it was the only major UK city where rental levels held up in 2008.
Another commercial property organisation, Sanderson Weatherall, are claiming that nearly 100,000 sq ft of office space was taken up in the first quarter of 2009. This was just short of 107,000 sq ft that was let in Q1 of 2008. Given the current economic turmoil this is a remarkably good performance.