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StocksUpdated•Originally published 17 April 2026•Updated 17 April 2026•

1 min read

Aire Park Project Drives Leeds Office Rents to Record Highs Amid Demand Shift

Key Facts

1Leeds' traditional City Core share of leasing activity fell from a five-year average of 80% to 60% in 2025.

2CoStar data shows office demand shifting toward the East Quarter driven by the Aire Park development.

Recent data from CoStar Group reveals a significant transformation in the Leeds office market, with the Aire Park development driving rental prices to record highs. The East Quarter's share of headline leasing activity surged to 30% in 2025, while the traditional City Core's share moderated to 60%. Transactions within the Aire Park project were primarily characterized by mid-sized lettings, attracting professional and financial services firms seeking modern space. Despite this geographic migration of demand, the overall vacancy rate in the Central Business District (CBD) remains stable. This trend highlights the growing appeal of the East Quarter and its impact on local real estate dynamics. Analysts view the stability in vacancy rates alongside rising rents as a bullish indicator for Leeds-focused developers and UK REITs.

about 2 months ago

Version History

Version 1about 2 months ago

What changed: The report was updated with new data showing the East Quarter's leasing share rose to 30%, noting that Aire Park deals were primarily mid-sized and that CBD vacancy rates remain stable despite the shift.