Leeds office availability falling

The availability of office space is expected to continue to fall after a 5% drop

The availability of office space in Leeds is expected to continue to fall after a 5 per cent drop to 1.46 million sq ft of available space in the final quarter of 2009.

Figures from Jones Lang LaSalle show vacancy rates for Grade A space at 5.5 per cent, with no additional space under construction and none expected in the short term.

However, despite tight supply, demand is unlikely to grow due to cautious occupiers.

Jeff Pearey, head of Jones Lang LaSalle’s Leeds office, said: “We expect that landlords will remain under pressure to cut rents and increase incentives. It’s likely to ease later this year.”