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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About CoStar Group

CoStar Group (NASDAQ:CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world's real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.

CoStar Group's major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia's leading property marketplaces. CoStar Group's industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible; STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.

CoStar Group's websites attracted over 143 million average monthly unique visitors in the third quarter of 2025, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

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Media Contact

Karolina Capova

Senior Media Relations Specialist

kcapova@costar.com