New Developments Position Leeds for Continued Growth

Continued Growth and Development in Leeds

Recent research shows that major regional cities across the UK, including Manchester, Birmingham, Leeds, and Belfast, are experiencing significant real estate development activity in key sectors such as offices, hotels, retail, and residential. There are currently over 81 development projects underway across these cities.

Office space development has been particularly robust, with 16 new projects under construction. Leeds has seen the largest growth in office inventory, with space under construction increasing 67% from 460,000 square feet in 2022 to 770,000 square feet by 2023. This contrasts with London where new office development has declined to its lowest level in over three years.

The city of Leeds, located in West Yorkshire, England, continues substantial development efforts to support ongoing economic growth. Several large-scale construction initiatives are currently underway or planned that will expand commercial and residential real estate capacity.

Notably, a major mixed-use redevelopment is under construction in the South Bank area along the River Aire, with completion scheduled for 2024. This multi-phase project will deliver over one million square feet of new office, retail, and residential space. A large technology campus is already under construction as part of the initial phase, aiming to attract major corporations. Once fully built, the development is projected to generate thousands of high-wage jobs and residents for Leeds.

Additionally, Leeds City Council recently approved plans for a large residential building near the city centre. The development will feature over 500 new apartments along with ground floor retail. This will meaningfully increase housing inventory in the urban core as Leeds’ population continues growing rapidly. Construction is anticipated to commence later this year.

Picture shown of plans to construct a 46-story skyscraper in Leeds, England. Featuring “sky gardens,” it would become the tallest building in Yorkshire. The skyscraper site is located at the intersection of Whitehall Road and Springwell Road in the Holbeck area of Leeds. Representing the second phase of development, the tower will be built directly adjacent to One Springwell Gardens, a structure completed earlier this year.

With major infrastructure projects underway or planned, Leeds is well positioned for continued economic and population expansion in the coming decade. The developments will support job creation, attract investment, and make Leeds an even more vibrant place to live and work

Given the ongoing development activity and substantial new opportunities in the pipeline, the outlook for the Leeds office market remains positive. 2023 proved to be another strong year for the city.

If professional property management services are needed, Valor Properties is ready to assist leveraging their expertise and experience. Please contact Valor Properties at 32 Park Cross Street, Leeds LS1 2QH, call 0113 222 4537, or email info@valorproperties.co.uk to learn how we can help meet your needs.

Bethany Nicol, March 2024