Leeds market 'bumping on the bottom', says Drivers Jonas Deloitte

Leeds’ office market remains flat as Drivers Jonas Deloitte research shows rents are unchanged for nine months following the decline caused by the recession.

The report, which tracks the average rents of Grade A (prime) and B office space in six UK cities, reveals a similar picture in Birmingham and Manchester where values have also remained unchanged for the first two quarters of this year.

Edinburgh and Glasgow have seen a slight decrease in headline rents for Grade B office space between April and June.

However, prime rents in Central London, the City and Canary Wharf rose in between March and June of this year indicating that regional markets such as Manchester could well see an increase in office space values in the near future.

Phil Cluer, Senior Surveyor, Drivers Jonas Deloitte Leeds, said: “While it may be too soon to talk of green shoots, the report shows that the decline in values brought on by the recession has stabilised.”

“If rents in the capital continue to rise and the wider economy continues its tentative recovery, Leeds remains well positioned to take advantage of a positive shift in the market."