Leeds suffering shortage of commercial space in face of demand | 26 September 2013
Occupier confidence is beginning to return to the Leeds commercial property market, yet the supply of new buildings is not rising sufficiently.
This was one of the central messages from the CBRE Market Insight Briefing, reports yorkshirepost.co.uk, with head of office agency at CBRE Jonathan Shires explaining that the money has simply not been available for speculative schemes.
The situation may be set to change though, as the audience at the event were told that the past three months has seen a wave of investor interest in Leeds. The city, along with Manchester and Birmingham, has benefited from investor confidence in London, which has then spread to other regions.
Alex Whiting, senior director of capital markets at CBRE, admitted that Yorkshire had gone through a “dreadful” period but had high hopes for the future.
“We’re seeing a more buoyant economic outlook. The outlooks for both 2013 and 2014 are being revised upwards,’ he said, adding: “More institutional money is looking at the regions this year.”
As well as more conventional office space, CBRE is involved in trade of more historic buildings. Thetelegraphandargus.co.uk reported this week that the company has been appointed with Westlake & Co to sell the Grade-II listed Steeton Hall near Keighley.
The building, owned by Punch Taverns, dates back to 1662 and was until recently being run as a ten-bedroom hotel.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author
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