The office market in Leeds is set to skyrocket in 2021 as long as a Coronavirus vaccine is found, according to Leeds based office agency Offices.co.uk. A new deal for law firm Knights taking 22,000 sq ft at Majestic in City Square on a 15-year lease highlights the confidence long term in Leeds as a place to do business.
“Leeds was busy before Covid, and we see no change going forward. Sure, some firms will downsize, however the trend of “north-shoring” will push firms into a strategy of smaller regional offices, and Leeds is in a super position to attract major players – the Knights deal at Majestic is exactly the sort of bold deal we will see more of”, explains Jonathan Ratcliffe from Offices.co.uk
The growing trend so-called ‘north-shoring’ is where companies expand out of London into Northern cities. Many companies, who once would have seen London as the only realistic choice for their HQ, are increasingly attracted to Northern cities. This follows the growing numbers of young professionals leaving London to start new lives in the north.
Leeds has been at the forefront of this Northern revival. As a result, the demand for office space across the city increased dramatically before lockdown. New developments are being built, with iconic city-centre buildings being given modern revamps before being let to commercial clients.
Why is Leeds so attractive for business relocation?
Already the UK’s fastest-growing city, it is the main driver of a city region with a combined economy of £64.6 billion. There is a number of top-quality universities in the city, and a large population of graduates live within the travel to work area. With a city region population of around 3 million, and a working population of 1.37 million, there’s a highly skilled workforce ready to fill vacancies. Over recent years there has been considerable investment in infrastructure projects, with more in the offing.
With affordable property when compared to the capital and stunning countryside on the doorstep, Leeds is a city that can offer a great quality of life.
Out of town business parks are looking well placed
With the dramatic changes to how we do business prompted by the Covid-19 crisis, out of town business parks are coming back into focus. They offer more floor space at a lower cost for businesses, enabling them to better facilitate Covid-19 social distancing measures. Due to their location, workers are less likely to use public transport, and often new housing developments are located nearby.
Executive office space in Leeds city centre
If a city-centre location is still what is required, Leeds has a range of first-class executive level, serviced office spaces to choose from. One Park Row located on City Square, is in the heart of LS1. It offers a variety of private office suites all with generous floor spaces. Meeting rooms and boardrooms are also available for hire. It is currently occupied by law, finance and accounting firms and makes a great place for businesses to locate themselves in this thriving city.