Aire Park Leeds reshaping the city’s office geography as CoStar data shows demand moving south of the river

Leeds office demand is shifting south of the River Aire, with Aire Park Leeds now accounting for more than 30% of all leasing activity across the city’s central business district, according to new data from property analytics firm CoStar. The traditional City Core’s share of headline leasing fell from a five-year average of around 80% to 60% in 2025, as professional and financial services firms chose the East Quarter’s new-build specifications and ESG credentials over older city centre stock.

Why This Matters For Leeds

This is independent data confirming what the lettings announcements have been signalling: Aire Park is genuinely reshaping Leeds’ office geography. A third of CBD leasing activity now happens south of the river, and the occupier roster — Eversheds Sutherland, Jacobs, Interactive Investor, TPT — is the kind of professional and financial services tenant base that anchors a new commercial district. For anyone attending UKREiiF in May, this CoStar data is the evidence behind the South Bank investment narrative.

What the Data Shows

Despite Aire Park Leeds capturing a growing share of activity, the pattern is nuanced. Most East Quarter transactions were mid-sized lettings, while the City Core continued to dominate smaller deals below 15,000 sq ft, accounting for 81% of CBD activity at that size. The CBD vacancy rate has been broadly stable at around 12% over the past three years, up from a cyclical low of 6% in 2020. CoStar notes that the withdrawal of older, obsolete stock has offset limited completions at Aire Park, keeping net absorption relatively flat.

“A growing number of professional and financial services firms have been drawn to the East Quarter’s Aire Park for its new-build specifications, strong ESG credentials and proximity to the city centre. As the scheme matures, it has attracted an expanding roster of high-profile occupiers.”

— Giles Tebbitts, Director of Market Analytics, CoStar Europe

The Occupier Roster Building at Aire Park

The CoStar data reflects what has been a strong leasing run for Vastint UK’s Aire Park development. In 2025, the scheme secured close to 140,000 sq ft of new lettings across its 1 and 3 South Brook Street buildings, which are BREEAM Excellent rated. Confirmed occupiers include law firm Devonshires, pensions provider TPT Retirement Solutions, Interactive Investor, Tesco, and engineering consultancy Jacobs. Law firm Eversheds Sutherland has signed for the next building, Kellstone, with a move planned for early 2027. The wider Aire Park masterplan will eventually deliver more than 800,000 sq ft of Grade A office space across seven buildings, alongside homes, retail, and what is planned to be the UK’s largest new city centre park. Prime rents at the scheme are now reaching the early £40s per sq ft, setting new highs for Leeds.