The Leeds commercial property market is already starting to feel the impact of Channel 4’s decision to locate its second headquarters in the city.
According to a report in Yorkshire Business Insider, demand for office space was well ahead of average last year, and Channel 4’s announcement has led to a ‘surge in companies looking for a base in the city and a bottleneck of sorts.’
Eamon Fox, partner at Knight Frank, told Insider: “I think the pipeline is going to be tight this year. There’s roughly 130,000 sq ft of grade A office space available in Leeds but it’s being snapped up quickly. In the new year we expect there will be 30,00 sq ft available as circa 100,000 sq ft of the current supply is under offer in a number of deals to be announced in early 2019.”
Channel 4 or not, Leeds is one of several cities enjoying a buoyant commercial property market at the moment. However, unlike London where foreign investors looking for a good (perhaps-Brexit-centric) buy seem to be a major driving force the regional markets are most likely being driven by occupiers looking for value.