Grade A Office Space in Leeds: Lowest Supply of Any Major City

Savills data shows grade A office space in Leeds is at low levels, with a prime vacancy rate of just 1.17% and rents forecast to grow 26% over five years

Leeds has the lowest level of prime office supply among the UK’s Big Six regional cities, according to Savills research. Grade A office space in Leeds is increasingly scarce: the prime vacancy rate has fallen to just 1.17 per cent, with only 144,159 sq ft available a 5 per cent decrease in Q1 2026 alone. Headline rents have reached £46 per sq ft, an 18 per cent increase on 2024, and Savills forecasts a further 26 per cent growth over the next five years. Refurbished offices that would have achieved £34 per sq ft two years ago are now regularly letting at £40 or above, while new build and Grade A refurbished buildings are quoting between £45 and £55. The message from every major agent in the city is consistent: there is not enough quality office space to meet demand.

Why This Matters For Leeds
This is a problem of success, not decline. The Northern Square Mile is attracting the Bank of England and the FCA, Turner & Townsend has doubled its UK workforce, and FTI Consulting just opened on Boar Lane. All need quality space. Savills is tracking 500,000 sq ft of active requirements from occupiers with lease events in 2029. If the pipeline doesn’t deliver, Leeds risks losing tenants to Manchester and Birmingham.

The Numbers Behind the Grade A Office Space in Leeds Shortage

The Leeds Office Agents Forum reported Q1 2026 city centre take-up of just 34,336 sq ft, an 86 per cent decrease on the same period last year. But the drop reflects a lack of available space, not a lack of demand. Only 19 city centre deals completed in the quarter, with the largest being Ridge and Partners’ 6,953 sq ft letting at Aire Park. Avison Young’s Big Nine report confirms the shortage is pushing some occupiers to out-of-town locations, with 53 per cent of schemes in the 2026 delivery pipeline now refurbishments rather than new builds, up from 33 per cent in 2024. Grade A office space in Leeds accounted for 68 per cent of total take-up across the first three quarters of 2024, underscoring how fundamentally the market has shifted toward quality.

“Despite these strengths, Leeds currently has the lowest level of prime office supply among the UK’s Big Six regional cities. If new stock isn’t delivered soon, Leeds risks losing potential tenants to competing cities, undermining its growth ambitions and weakening its position as a leading innovation hub.”

— Savills, The Future is Leeds — 2026

What’s in the pipeline

A pipeline of new and refurbished space is beginning to come through. Kellstone at Aire Park has 26,000 sq ft remaining following Eversheds’ 47,000 sq ft letting. New development at 31 Wellington Street will deliver 75,000 sq ft. 2 Wellington Place is undergoing a 120,000 sq ft Grade A refurbishment. Princes Exchange and Bank House are being refurbished for a combined 90,000 sq ft. Collectively, Savills says these schemes will go some way toward addressing the shortage. Further ahead, the Aire Park masterplan allows for 800,000 sq ft of office space within the Mayoral Development Zone. Wellington Place has already delivered over 1 million sq ft, attracting HMRC, NHS Digital, Sky Betting and Gaming, Lloyds, Arup, Mazars, and Equifax, generating more than £200 million in GVA. The question for Leeds is not whether demand exists it is whether the city can build fast enough to capture it.

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