Take-up

For prime mid-box units in Leeds, transactional activity in Q1 2026 totalled 55,000 sq ft across one transaction, down 70% year-on-year and 35% lower than the pre-pandemic average of 85,000 sq ft. Across the size bands, units between 20,000–40,000 sq ft accounted for 100% of take-up. There were no transactions between 40,000–100,000 sq ft in Q1 2026.

Occupier Sector Take-up

By occupier sector, all the transactional activity came from online retailers in the market.

Supply

The current availability stands at 492,000 sq ft across nine units. This has decreased by 25% quarter-on-quarter and is down by 31% year-on-year. The majority of available space is for units between 40,000–60,000 sq ft.

By size band for units between 20,000–40,000 sq ft, available supply totals 20,400 sq ft, followed by units between 40,000–60,000 sq ft at 266,000 sq ft and 60,000–80,000 sq ft at 205,000 sq ft.

Speculative Pipeline

There is 110,000 sq ft currently under construction across three units. All units are between 20,000–40,000 sq ft, with two units at Triangle 45 in Leeds and one unit at Ferrybridge Industrial Estate.

In Q1 2026, there were 40,000 sq ft of speculative announcements but no speculative completions. However, 70,000 sq ft is expected to be completed in Q2 2026.

Years of Supply

Across Leeds, there is 1.20 years of supply based on the three-year average annual take-up. By size band, there are 0.17 years of supply in the 20,000–40,000 sq ft range, 2.08 years of supply in the 40,000–60,000 sq ft range, 1.58 years in the 60,000–80,000 sq ft range and 0 years of supply in the 80,000–100,000 sq ft range.

Quoting Rents

The prime quoting rent for Leeds has stayed stable, standing at £10.00 psf.

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