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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.
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