Leeds office market roundup
Take-up declines, but Prime space remains dominant
Take-up in Leeds totalled 34,336 sq ft during Q1 2026, achieved through 18 transactions. Total take-up was down by 86% on the same period in 2025 and below the long-term Q1 average for the market, making it the worst quarter for take-up since Q2 2020. However, Savills is aware of several notable deals currently under offer and therefore expects take-up to improve in Q2 and Q3.
Grade A and Prime take-up totalled 17,704 sq ft, achieved through nine transactions. The combined total accounted for 52% of the total take-up, continuing to demonstrate the occupier appetite for best-in-class space in Leeds. The combined take-up proportion has consistently been above 50%.
Prime availability continues to fall
At the end of Q1 2026, total availability stood at 918,787 sq ft, representing an increase of 4% on the previous quarter. This means the overall vacancy rate has also increased to 7.5%, up 30 basis points from the previous quarter. Of the total available space, secondary stock accounts for 60%.
Grade A and Prime availability total 221,985 sq ft and 144,159 sq ft, respectively. Whilst Grade A availability has increased by 25% compared to the previous quarter, Prime supply is increasingly constrained, with the grade decreasing by 5% to 144,159 sq ft and the vacancy rate now at 1.17%.
Prime supply in Leeds has been bolstered by the completion of Kellstone at Aire Park, which now has 26,000 sq ft remaining following Eversheds’ 47,000 sq ft letting.
In addition, a new wave of speculative new development and high-quality refurbishment activity is beginning to come through, including 31 Wellington Street (75,000 sq ft new build), 2 Wellington Place (120,000 sq ft Grade A refurbishment), Princes Exchange and Bank House (90,000 sq ft Grade A refurbishment).
Collectively, these schemes will go some way toward addressing the current shortage of Prime and Grade A space in Leeds and will help meet a portion of the city’s unmet demand.
Business & consumer services occupiers lead take-up
The most active sector in Q1 2026 was ‘Business & Consumer Services’, which leased a combined total of 12,428 sq ft achieved through five transactions. This was the highest quarter of take-up for the sector since Q4 2024.
The sector accounted for 36% of total take-up, representing the highest proportion of Q1 take-up since Q1 2010. Ridge & Partners acquired the largest transactions during the quarter at 1 South Brook Street, Aire Park, for a total of 6,953 sq ft.
Prime supply is increasingly constrained, with Prime availability decreasing by 5% to 144,159 sq ft, and the Prime vacancy rate is now at 1.17%.
Toby Nield, Director, Office Agency
Headline rent remains at £46 per sq ft
There was no increase in headline rent in Q1 2026, which was established in Q3 2025 at £46 per sq ft, representing an 18% increase compared with the headline in 2024 and a 15% increase on the previous rental levels during the year.
There were several lettings in 2025 of £40 per sq ft and above, which 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. Many new build and Grade A refurbished buildings are quoting between £45 and £55 per sq ft, with space under offer at these levels.
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 2030, 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 Q1 2026 occupational office data research here.