The demand for Leeds office space has decreased, with nearly 20% fewer enquiries being reported since the beginning of 2011 when compared to the same period of 2010.
Based on the number of enquiries recorded (January – September 2010 vs. 2011) by officebroker.com, the UK’s leading independent office search & consultancy service, the number of businesses actively looking for flexible office space in the city centre has decreased by 18% in 2011.
Despite this apparent fall in demand, the number of individual firms actually completing the move to new office space in the city centre has increased by 14%.
“The number of businesses testing the water has fallen” explained Chris Meredith, Head of Sales at officebroker.com.
“In 2010 there were a high number of price gatherers and deal checkers out there, the impact of which was to artificially inflate enquiry levels. In 2011 this number has decreased considerably, with more active buyers starting to reappear as has been shown by the greater number of businesses committing to new office space within central Leeds.”
According to the City Focus: Leeds Q3 2011, a quarterly publication which tracks changes in the City’s serviced office market, this increase in clients may have also helped to increase the cost of securing such space, with the average price of a single desk rising from £236 per month in 2010 to £266 per month in 2011.
“Price recovery appears to have been taking place since early 2011 and the report shows that this has continued into Q3” continued Mr Meredith.
“This is to be expected as the steady increase in new clients has continued, with competition for the right office in the right location increasing demand and subsequently cost.”
In contrast, elsewhere in Yorkshire, offices to rent in Sheffield have continued to fall in price despite a 189% increase in the number of businesses moving to serviced offices in Sheffield city centre.
Notes to Editors:
For further information, images or a copy of the City Focus: Leeds Q3 2011 report or City Focus: Sheffield Q3 2011 report please contact Simon Jones on 0844 412 8739 or email firstname.lastname@example.org
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