The Commercial Market in Leeds…
Since the last economic downturn Leeds city centre property market has seen something of a renaissance. This growth has mirrored that of the city and indeed the region as a whole, with Leeds being recognised as one of the fastest growing economies in the UK, with an anticipated population boom over the next five years.
This economic growth has been a key driver for the Leeds commercial sector, with continued and sustained occupier demand over the last two years. Transactions such as Sky at Leeds Dock, Addelshaw Goddard on Sovereign Street, the success of Central Square and the continued growth of Wellington Place, have seen new highs in rental terms. This in turn has seen an increase in office refurbishments, as owners of existing building stock try to stay ahead of the competition.
And the longer term demand also remains strong. Long term high investment by the city’s Higher Education establishments in the city keeps a strong student market buoyant; driving the longer term residential and professional jobs market.
Infrastructure investment is set to grow significantly; the major investment of HS2 is set to drive the South Bank regeneration for the next 10 – 15 years. The London market too has had a positive secondary impact on the Leeds commercial sector. The price differential between headline rents in the City of London and those in Leeds City Centre has never been greater; with large institutions now looking to make efficiency savings by moving operations to northern cities, buoyed by the growing momentum of the Northern Powerhouse. This trend in Northshoring looks set to continue for the foreseeable future.
Here at Curtins we are fortunate to be involved with many new build and refurbishment projects in the commercial sector, delivering complex yet efficient engineering solutions to assist in the continued success of this buoyant sector. Our latest work for the HMRC and GPU for MEPC at Wellington Place is set to hit new highs in terms of efficiency and quality for the Leeds Grade A office sector.