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Joint Venture Partners Explore Sale of £175m Leeds Office Campus
A joint venture partnership is exploring a sale of a £175 million office campus in Leeds.
OfficeLeedsUnited Kingdom
Updated 1 day agoPublished Unknown
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A joint venture partnership is exploring a sale of a £175 million office campus in Leeds.
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Transactional activity in the Yorkshire and North East logistics market increased 49% in 2025 to 4.59 million square feet across 21 transactions, with take-up representing the highest volume since 2022 and 3% above the pre-pandemic average, while available warehouse space rose 5% to 11.1 million square feet at year-end with a combined vacancy rate of 10.45%. Third-party logistics providers and manufacturing companies accounted for 68% of transactional activity, Grade A space comprised 65% of deals, and the market faces undersupply in certain size bands with no units currently under construction following completion of Central A1(M) 785 in Q4 2025.
JLL's Big Six Residential Development Report for Summer 2025 analyzes residential development trends across six UK cities (Birmingham, Bristol, Edinburgh, Glasgow, Leeds, and Manchester), finding average annual price growth of 1.7% and rental growth of 2.1% across these markets, with Birmingham leading in both metrics and over 14,500 BTR units in its pipeline. Key findings include a 64% increase in BTR investment in H1 2025 versus the five-year H1 average, normalization of rental growth from 4.2% in December 2024 to 2.1% currently, removal of Scotland's temporary rent cap legislation on 1 April 2025, and development viability challenges from building safety regulations and planning restrictions impacting new home completions despite strong underlying demand for urban housing.
Prime office rents across the UK's 15 key regional office markets rose by an average of 8.2% in 2025, with the Big Six markets (Birmingham, Bristol, Edinburgh, Glasgow, Leeds, and Manchester) experiencing stronger growth of 10.2%, driven by limited supply of high-quality space and strong occupier demand. Investment activity remained subdued at £938 million through Q3 2025, level with the prior year, though sentiment improved and sentiment indicators point to recovery expected in 2026 supported by high-profile asset disposals and improved financing conditions.
Leeds office market take-up reached 625,646 sq ft across 105 transactions in 2025, with Grade A and Prime space accounting for 375,592 sq ft (60% of total take-up), while prime rent increased 18% to £46 per sq ft and overall availability fell to 886,513 sq ft with a 7.2% vacancy rate by Q4 2025. Public services, education, and health was the most active sector at 32% of take-up, led by National Rail's 108,576 sq ft acquisition at 2 Princes Square, and Savills forecasts headline rents will reach £58 per sq ft by 2030 based on revised projections.
Leeds office market take-up totalled 625,646 sq ft across 105 transactions in 2025, matching the five-year annual average and representing activity 9% above the five-year average, with Grade A and Prime space accounting for 60% of total take-up at 375,592 sq ft. Headline rents increased 18% year-on-year to £46 per sq ft in Q3 2025, with forecasts predicting 26% growth over the next five years to exceed £58 per sq ft by 2029, while total availability fell to 886,513 sq ft with a 7.2% vacancy rate, and public services, education and health remained the most active sector at 32% of take-up.
This Knight Frank Q3 2025 report examines occupier and investment market trends in the West Yorkshire and Humber logistics and industrial sector, finding that year-to-date take-up stands at 1.8 million square feet with a vacancy rate of 7.5% and prime rents at £10.00 per square foot in Leeds. The occupier market saw modest Q3 activity but strong pipeline momentum, with demand concentrated in 50,000–100,000 square foot units comprising half of all year-to-date take-up, while the investment market strengthened in Q3 with prime industrial yields in Leeds at 5.25% and portfolio transactions expected to dominate the second half of 2025.
Savills Research reports that Leeds office take-up in Q1–Q3 2025 totalled 482,286 sq ft across 78 transactions, representing 12% above the five-year average and 57% Grade A and Prime space, with the Public Services, Education & Health sector accounting for 34% of leasing activity. Total availability at end-Q3 2025 reached 979,103 sq ft with a vacancy rate of 8.0%, while prime rent established a new headline of £46 per sq ft in Q3 2025, up 18% year-on-year, with forecasts predicting growth to over £51 per sq ft by 2029.
This is a data and figures report published by Savills on 30 September 2025 presenting occupational office market information for Leeds in the third quarter of 2025. The report covers the office sector in the Leeds area within the UK.
This is a data-figures report published by Savills on June 30, 2025, presenting occupational office market data for Leeds covering the first half of 2025.
The Leeds office market recorded 34,300 square feet of take-up in Q1 2026 with a total vacancy rate of 7.2%, while the development pipeline contained 322,000 square feet under construction with 33.0% preleased. Prime rents are expected to remain under pressure as quality space becomes scarce, though demand is anticipated to build over the coming quarters with significant lease activity expected in 2027.
Cushman & Wakefield's Q4 2025 MarketBeat report on Regional and South East office markets covers take-up, supply, rental values, and investment activity across the Big Five regional markets (Birmingham, Bristol, Edinburgh, Leeds, Manchester) and the South East, finding that 2025 saw 6.4 million sq ft of take-up (10% below 2024 and 13% below the five-year average) and £1,861.7 million in investment (the lowest annual total since 2012), with Q4 showing a 12% quarter-on-quarter increase in take-up driven by Grade A activity and a 10.8% vacancy rate. The report projects 2026 will see continued rental growth, persistent Grade A supply constraints, and increasing investment activity supported by easing interest rates and improving credit conditions, with momentum expected to build as occupier demand for high-quality space and flexibility intensifies.
Knight Frank's 2025 review of the West Yorkshire and Humber logistics and industrial sector reports that occupier take-up rose 15% year-on-year to 2.4 million square feet, marking the third consecutive annual increase, with demand concentrated in units of 100,000 to 200,000 square feet and distribution firms accounting for 67% of activity. Prime industrial yields in Leeds remained stable at 5.25% throughout 2025, and investment activity strengthened in the second half of the year with notable transactions including LondonMetric's £17 million purchase of the Booker warehouse and M7 Real Estate's £49 million acquisition of West Yorkshire assets, though limited speculative development is creating a supply-demand imbalance expected to constrain activity through 2026.
Knight Frank's Q3 2025 UK Cities Office Market Review analyzes leasing, supply, investment, and rental trends across ten regional UK office markets including Aberdeen, Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Manchester, Newcastle, and Sheffield. Key findings include leasing activity reaching 2.5 million square feet in the first half of 2025 with year-on-year growth, seven of ten cities recording rental increases as high as 20%, limited new and Grade A space availability at a 3.0% vacancy rate, investment volumes of £373.5 million in H1, and stable prime asset pricing at 6.50%.
Office take-up in the UK regional markets and South East totalled 1.44 million square feet in Q3 2025, representing a 5% increase from Q2 but remaining 14% below the five-year quarterly average, with Grade A space accounting for 72% of activity. Refurbishments comprised 66% of all space delivered in 2025 as new development slowly returned, with 3.4 million square feet under construction across regional markets and headline rents rising in four of the Big Five cities to levels including Bristol at £50 per square foot and Birmingham at £46 per square foot.
Knight Frank's H1 2025 Office Market Mid Year Review examines leasing, supply, investment, and rental trends across ten UK regional cities including Aberdeen, Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Manchester, Newcastle, and Sheffield. The report finds that regional leasing activity reached 2.5 million square feet in the first half of 2025 (7% above H1 2024), seven of ten cities recorded year-on-year rental growth reaching as high as 20%, but investment volumes were subdued at £373.5 million and new grade A office space availability remained critically tight at 3.0% vacancy, creating intense competition for quality space.