Take-up

For prime mid-box units in Leeds, transactional activity in 2026 YTD totalled 261,000 across six transactions, down 11% year-on-year. This fall reflects reduced YoY availability of space. By size band, units between 20,000–40,000 sq ft accounted for 29% of take-up, 40,000–60,000 sq ft accounted for 22%, and 60,000–80,000 sq ft accounted for 49%. We are tracking 169,000 sq ft of space under offer, representing 40% of current availability, further reducing occupier choice.

Occupier Sector Take-up

By occupier sector, manufacturing firms account for 22% of transactional activity, online retail accounts for 13% and food production accounts for 8%. The remainder was distributed across a diverse mix of other occupiers.

Supply

The current availability stands at 422,000 sq ft across eight units. This has increased by 57% quarter-on-quarter but is down by 39% year-on-year. The majority of available space is for units between 40,000–60,000 sq ft.

By size band, for units between 20,000–40,000 sq ft, available supply totals 34,000 sq ft, followed by units between 40,000–60,000 sq ft at 250,000 sq ft and 60,000–80,000 sq ft at 137,000 sq ft. There are no units available between 80,000–100,000 sq ft.

Speculative Pipeline

There is one 40,000 sq ft unit under construction, with an expected completion set for Q4 2026.

This 40,000 sq ft unit is the only speculative announcement of 2026 YTD, representing a subdued development pipeline. In the same period, speculative completions totalled 34,000 sq ft.

As previously discussed, with three units being under offer, there is potential to capitalise on future development opportunities.

Years of Supply

Across Leeds, there is 1.03 years of supply based on the three-year average annual take-up. By size band, there are 0.29 years of supply in the 20,000–40,000 sq ft range, 1.95 years of supply in the 40,000–60,000 sq ft range, 1.06 years in the 60,000–80,000 sq ft range, and there is no supply in the 80,000–100,000 sq ft range.

Quoting Rents

The prime quoting rent for Leeds has increased by 10% to now stand at £11.00 psf.

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