Shortage Looms

Because of the slowing economy and the decline in speculative office development there is a potential shortage of quality office space in Leeds. Theanswer, suggests Jones Lang LaSalle in a research report, is for the gap to be met by refurbished and repositioned Grade B offices.

According to JLL, Leeds currently has 128,202 sq.metres (1.38 million sq.ft.) of offices available, or 11.1% of total stock. In this case the priority for landlords is
for income preservation rather than refurbishment. But with only a small amount of Grade A being built, the shortage will bite next year, said JLL. The firm’s Jeff Pearey commented: “There is a growing awareness from occupiers and developers about the potential shortage of Grade A space that we forecast will emerge in Leeds in 2012 although continued funding constraints means we do not anticipate any major construction starts in the next 12 months.” He
added that upgrading Grade B stock seems logical and a relatively low risk strategy to bridge any supply gap.

The Yorkshire Commercial Property Register

The Yorkshire Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Office Space in Yorkshire, Serviced Offices in Yorkshire and industrial commercial property in Yorkshire. You can also find the latest commercial property news for the Yorkshire region.