How Will The Cost of Office Space in Leeds Change Over The Next 5 Years?

As Leeds continues its fast-paced commercial development, to catch up with the likes of Manchester in a bid to become the North’s answer to London, the cost of office space has begun to rise.

Brand new office space in Leeds has been planned across the city, with a flurry of new builds shooting up in areas such as Wellington Place, Aire Park, South Bank and Kirkstall Forge.

Popular for businesses across a variety of sectors, ASDA, Jet 2 and GHD house their employee offices just south of the train station. Leeds has the ability to accommodate different types of businesses requiring specific office space.

The current market of Leeds office space to let

Continuing its long-term recovery from the lull of workspace needs during the Coronavirus pandemic across 2020 and 2021, the Leeds office space market saw a boom in Q1 2025, with take-up increasing by an impressive 26% over the Q1 average of the last five years.

Whilst this is exciting, it comes as little surprise as we’ve seen similar trends across other Northern powerhouse cities, as Manchester also saw an impressive Q1 office uptake in 2025.

These figures bode extremely well for the rest of the year, with the amount of space available for office to rent in Leeds standing at roughly one million sq ft. This figure could even increase as more new builds are commissioned in the area, such as this 12-storey office block at Wellington Place, which has just been submitted for approval by MEPC.

The cost of office space in Leeds

The cost of office space in Leeds is currently around the region of £25 – £40 per sq ft, with the higher end of the price bracket being associated with high-quality, Grade A space.

Highly sought-after areas of Leeds, building grade and lease agreement can all affect the price you’ll pay for office space, so it’s worth doing your research before signing on the dotted line.

Our forecast for workspace in Leeds over the next 5 years

While office occupancy rates around the outskirts of Leeds do have impressive numbers, the city centre rates just take the edge – a figure which will only increase as new developments in some of the key central areas we’ve mentioned above reach completion.

Based on this, we can predict that the cost of office space will rise, as the demand grows, the spaces available improve in quality, and big brands continue to swap their Southern offices for those in the North with more digestible rates.

Leeds’ office space costs are predicted to increase over the next five years, with a focus on prime city centre locations. Taking into account current rates, room for inflation and an influx of Grade A space, it’s estimated that by 2029, costs will reach around £51 per sq ft.

What part does ESG play?

The regulations surrounding Minimum Energy Efficiency Standards (MEES) are set to change in April 2027, with a minimum Energy Performance Certificate (EPC) rating of C set to take effect. Naturally, the knock-on effect is that this is accelerating demand for energy-efficient buildings.

New builds will be designed to meet these standards, which in turn will mean that they will likely lease faster and at higher prices, as more businesses look to snap up office space which aligns with their ESG aspirations.

Which sectors are seeking office space in Leeds?

Some of the most popular sectors for leasing office space in Leeds include retail, healthcare and financial. The latter of which has a very strong presence in Leeds as they have a foothold in high-quality office spaces in order to attract the best talent from the city. Although not exclusively financial-based, Leeds and the surrounding West Yorkshire area have one of the best student retention rates from University, with around 52% of students staying to work in the Leeds area following their graduation.

Businesses in the Media sector are also playing a huge part in occupying Leeds office space due to the modernised office hubs that have become synonymous with ‘trendy’ workspaces. Leeds Dock is arguably the most popular space for this sector and has become somewhat of a mirror of Salford’s Media City and Soho in London.

Office design and fit out in Leeds

If you’re currently occupying office space in Leeds or are seeking a new workspace, we’d love to share our vision for how a space that can change everything.

With a strong presence in Leeds, we can help take you forward as your dedicated partner. Just give us a call or an email at info@c-b-i.co.uk when you’re ready.