Take-up totalled 88,900 sq ft in Leeds over Q1 2026, 63% below the 10-year average and 71% below Q4 2025. Occupier activity was subdued, with a 6,953 sq ft letting at Aire Park the largest transaction in Leeds city centre. The largest deal of this quarter was recorded in the out-of-town market, with Labskin taking 11,320 sq ft of office space at Thorp Arch Estate.
Office vacancy in Leeds rose by 39 bps to 10.1%, driven by the release of secondary space as grade A vacancy decreased sharply from 2.2% to 1.6%. Notably, there has been a further squeeze in the supply of prime space, with just 30% of the Kellstone development currently available.
The headline rent for the city remains at £46.00 psf, which is 11% greater than the Big Nine average. Rent free periods remain at 18 months for a 10-year lease.