Focus on commercial property in Leeds
Is the John Lewis effect about to make Leeds the place to rent and buy commercial property?
Leeds is now home to the biggest John Lewis store outside London and it is expected to see the shopper footfall to the Yorkshire city increase to 1.5m.
This follows in the footsteps of a major transformation of the Yorkshire city over recent years with further significant inward investment planned for the future.
There are the recent developments of the First Direct Arena, Trinity Leeds and the 2016 £165m addition to Victoria Gate Shopping Centre including the John Lewis Leeds store. Add a burgeoning financial sector and sizeable student population. Then transport-wise there are the new TransPennine and Northern franchises plus plans for Leeds to benefit from the second leg of HS2.
It appears it’s all happening in Leeds.
Certainly here at Boxpod we have witnessed increased interest in shops, garages, storage units, industrial units and offices to rent in Leeds.
Prime office rents are expected to hit £30 per sqft by 2019, according to Savills ‘Spotlight: The Future of Leeds City Region’ 2016/17 report. Researchers believe office-based employment will grow over the next five years.
The growth of the tech sector has added a further dimension to Leeds and this sector is expected to grow by 5.6% over the next five years compared to 2.8% over the last five.
Continued strong take-up within Leeds’ office market has been a catalyst for development over the last 12 months. With 47% of space delivered in 2016 pre-let, there is still a need for further development within the city.
Mixed Use schemes are proving popular with developments at Wellington Place and Tower Works combining residential and commercial units to rent and buy. Early discussions regarding the development of the former Tetley Brewery show mixed use plans for hotel and 915,000sqft commercial space including retail and leisure use. This would join the south of Leeds to Leeds City Centre and South Bank. Additionally there would be a link between Leeds Dock and the proposed HS2 station.
The Savills research team’s Outlook and Recommendations are that Leeds city region is set for growth. However, growth will bring new challenges. In order to accommodate its rising population and workforce, the region needs to develop its infrastructure links which will facilitate residential and commercial development in both the city centre and wider city region.
As well as the expansion of the south side of Leeds station, there have been significant improvements to regional rail services through the new TransPennine and Northern franchises, which will significantly enhance connectivity. The second leg of HS2 will act as a major catalyst for further regeneration in the region.
Planning for growth beyond the boundaries of Leeds should be one of the priorities for a newly elected mayor. The devolution agenda provides an opportunity for this, with local authorities having more power over transport and local planning.
The office market is suffering from an undersupply of high quality office space. With only two years worth of supply in Leeds city centre, Savills anticipate 40% (1.2m sq ft) of the development pipeline will be built within the next five years.
The supply/demand imbalance within the office market has prompted the return of rental growth. Savills expects top rents to break the £30 per sq ft barrier by the end of 2019 and industrial rents to rise by 5.5% over the same period. Savills forecast that house prices in Yorkshire and Humber will rise by 10% over the next five years, and will start to outperform London from 2019.
So exciting, busy and prosperous times ahead for Leeds and people looking to start, expand or relocate their business.
Here’s a snapshot of commercial property to rent and buy in Leeds
Naylors has a five-storey landmark building in LS1 – 4,156 sq ft available
Offices to let in Leeds
Offices in LS1 business centres at Princes Square, Wellington Place and Whitehall Quay offer co-working space, virtual offices, hot desks and meeting rooms to rent – services include free WiFi and refreshments
See our current up to date listing of offices to let in Leeds.
Shops to let in Leeds
Walker Singleton has 193-386sq ft shop/retail unit in LS6 – rents start from £110 per week.
See our current up to date listing of shops to let in Leeds.
Industrial units and workshops to let in Leeds
In LS12 there are industrial units to let from 750 sq ft with 3-phase electrics and easy In/Out terms good parking and security, close to Leeds city centre.
In LS4 there are workshops to let (1100 sq ft) with roller shutter and personnel access, each unit has mains services and car parking.
See our current up to date listing of industrial units and workshops to let in Leeds.
If you have commercial property to let or sell in Leeds, advertise it with Boxpod. If you are looking to rent or buy commercial property in Leeds, use our easy postcode search facility.