Leeds office market roundup
Take-up remains robust
Take-up in Leeds totalled 143,360 sq ft in Q4 2025, a 9% decrease compared with Q4 2024 but in line with the five-year Q4 average. For the full year, take-up reached 625,646 sq ft across 105 transactions, matching the five-year annual average number of transactions. Overall, market activity was slightly lower than in 2024, but still 9% above the five-year average, continuing to show the robustness of the Leeds office market.
Grade A and Prime take-up in 2025 totalled 375,592 sq ft and accounted for 60% of the total 2025 take-up. This was achieved through 55 transactions, seven more than in 2024.
Larger transactions are on the rise
As standard, the largest proportion of activity was sub-5,000 sq ft, accounting for 72% of deals. There were five transactions of 20,000 sq ft or more, which is slightly fewer than in 2024. However, we saw more activity in the 10,000–20,000 sq ft size bracket, with 13 transactions, compared with nine in 2024.
Availability continues to fall
At the end of Q4 2025, total availability stood at 886,513 sq ft, a decrease of 9% on the previous quarter. This means that the overall vacancy rate is now 7.2%, a decline of 80 basis points (bps) on the previous quarter. Of the total available space, secondary stock accounts for 63%.
Grade A and Prime availability total 177,174 sq ft and 151,112 sq ft, respectively. Grade A availability has decreased by 28%, while Prime has decreased by 25%, further highlighting the lack of high-quality office space.
The Grade A vacancy rate now stands at 2%, while the Prime vacancy rate is 1.2%, a decrease of 60bps and 40bps, respectively.
Public service occupiers continue to lead take-up
The most active business sector in 2025 was ‘Public services, education & health', accounting for 32% of total take-up. The sector leased a combined 202,250 sq ft across 17 transactions, with Network Rail acquiring the largest of the sector and of the year at 2 Princes Square, totalling 108,576 sq ft. This was the second-largest transaction on record for the sector and the largest since 2017.
Another notable sector in 2025 was 'Professional', which leased a total of 170,276 sq ft across 20 transactions. Within this sector, Eversheds committed to a pre-let of 47,016 sq ft at Kellstone, Aire Park.
Grade A and Prime take-up in 2025 totalled 375,592 sq ft and accounted for 60% of the total
Toby Nield, Director, Office Agency
New increases in headline rent
A new headline rent was established in Q3 2025 at £46 per sq ft, representing an 18% increase compared with the same period in 2024 and a 15% increase on the previous rental levels during the year.
There were several ettings in 2025 of £40 per sq ft and above that have now set a new rental tone for the city. We are now regularly seeing £40 per sq ft quoted and achieved on refurbished product, a level that 12 months ago would have been considered Prime headline figures.
Savills revised rental forecasts predict that headline rent will grow by 26% over the next five years, reaching a market high in excess of £58 per sq ft by 2029, or sooner if a significant pre-let is secured.
Find out more about Leeds' property market here.
Interested in other areas of the UK?
View all of our latest Q4 2025 occupational office data research here.