City centre take-up more than doubled year-on-year in the second quarter, though first-half figures show the market is still behind 2025’s pace
The Leeds office market bounced back strongly in the second quarter of 2026, with occupier activity accelerating across both the city centre and out-of-town markets. Figures from the Leeds Office Agents Forum show city centre take-up reached 179,898 sq ft across 23 deals between April and June, up 113% on the same quarter last year. Two large transactions led the way, but the quarter was defined by smaller requirements, which made up nearly three-quarters of city centre deals. It is a welcome turn after a quiet start to the year, though the first-half numbers show the recovery still has ground to make up.
Why This Matters For Leeds
Office take-up is a reliable read on business confidence: firms commit to space when they are hiring and expanding. A doubling of city centre activity suggests occupiers are getting on with decisions they had put off, whilst the strength of small-suite demand points to smaller and growing businesses driving the market, not just a handful of big lettings. For landlords, developers and the city’s professional advisers, a healthier occupier market supports rents, values and the case for continued investment in quality space.
What Drove the Leeds Office Market in Q2
Two deals anchored the city centre quarter: the 71,572 sq ft freehold sale of Livingstone House to Luminate Education Group, and Greencore’s 39,468 sq ft letting at Broad Gate. Beneath them, demand was broad rather than concentrated with 74% of city centre deals involved requirements below 5,000 sq ft. Out of town performed strongly too with take-up of 88,041 sq ft across 25 deals, up 79% year-on-year. There, the standout was Optimum Medical’s 41,503 sq ft freehold purchase of 2 Savannah Way, while more than half of out-of-town deals were for units below 1,000 sq ft. CBRE senior director Alex Hailey described it as a welcome return to more positive conditions, with occupiers regaining confidence and acting when the right space becomes available.
“Q2 marks a welcome return to more positive market conditions after a slow start to the year. Occupiers are regaining confidence and moving ahead with decisions.”
— Alex Hailey, Senior Director, CBRE
A Rebound, But H1 Still Trails 2025
The headline rebound comes with a caveat; despite the strong quarter, city centre take-up for the first half totalled 214,234 sq ft, well down on the 326,463 sq ft recorded in the same period of 2025, a reminder of how slow the opening months were. The out-of-town market held up better, with H1 take-up of 137,286 sq ft almost exactly matching last year. The pattern fits the wider picture across the Leeds office market, where occupiers are concentrating on well-located, high-quality space. JLL director Sam Jamieson said a healthy pipeline of enquiries gave grounds for cautious optimism for the rest of the year. The forum’s data pools deals from every major agent in the city, from CBRE and Knight Frank to Savills and Avison Young.
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