It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Eamon Fox, partner and head of the office agency department at global property consultancy Knight Frank.
The death of the office in Leeds is a myth. The market has proved incredibly resilient in the midst of the pandemic and I am looking forward to 2022 with genuine optimism. Headline rents are currently £34 per sq ft and, all being well, I can see them hitting £36 per sq ft by the last quarter of next year, given the high standard of some of the new office space which is coming on to the market. There is a flight to quality, which has accelerated during the past 12 months, as occupiers look for space in which employees feel comfortable and safe.
The long-awaited arrival of Channel 4 in Leeds has proved to be a tremendous boost to the city, underlining its potential. The knock-on effect is already being felt with Leeds becoming a magnet for bright young tech, media and creative companies, with state-of-the-art buildings such as Platform, 1 City Square, 34 Boar Lane and Concordia Works welcoming some of the best in class. The education and academic sector will also have an increasingly strong presence in the city centre, with students moving in from the universities for vocational reasons.
2022 promises so much. MRP’s City Square House, next to the station, is going to be another game-changer, with 83,000 sq ft already pre-let to leading global law firm DLA Piper, but there is still another 55,000 sq ft of Grade A brand-new office space available. Meanwhile prestigious developments by Bruntwood, Boultbee Brooks, Kinrise, CEG and Opus North will underline Leeds’s burgeoning reputation as the most progressive city in the north of England.
2022 will be the year of the true pre-let. There are a number already in the making and there will be some wonderful news to share next year.
