Leeds office demand shifts south of the river to the East Quarter , according to data from CoStar, a global leading provider of online real estate marketplaces, information and analytics in the property markets.
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CoStar Data Shows Aire Park Driving New Rental Highs in Leeds
While the traditional City Core remained Leeds’s dominant office location, its share of headline leasing activity fell from a five-year average of around 80% to 60% in 2025.
“A growing number of professional and financial services firms have been drawn to the East Quarter’s Aire Park for its new-build specifications, strong ESG credentials and proximity to the city centre,” said Giles Tebbitts, director of market analytics at CoStar Europe. “As the scheme matures, it has attracted an expanding roster of high-profile occupiers.”
Despite East Quarter accounting for more than 30% of leasing activity across the Leeds Central Business District (CBD) in 2025. most transactions were mid-sized lettings at Aire Park. The City Core continued to dominate smaller deals below 15.000 sq. ft., representing 81% of CBD activity.
“The CBD vacancy rate has been broadly stable at around 12% over the past three years, but up from a cyclical low of 6% in 2020.” said Tebbitts. “The withdrawal of older, obsolete stock has offset limited completions at Aire Park, keeping net absorption relatively flat in recent quarters.”
The full analysis can be found here.
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