Royal College of GPs puts Leeds office hunt on ice
The Royal College of General Practitioners has paused its search for up to 40,000 sq ft of extra office space in Leeds.
RCGP, which is headquartered at 30 Euston Square, NW1, had appointed Cushman & Wakefield to search for additional premises in the city.
EG understands the college was looking at the Majestic, on City Square, and King’s Court, at 12 King Street, as potential spaces.
The Royal College of General Practitioners has paused its search for up to 40,000 sq ft of extra office space in Leeds.
RCGP, which is headquartered at 30 Euston Square, NW1, had appointed Cushman & Wakefield to search for additional premises in the city.
EG understands the college was looking at the Majestic, on City Square, and King’s Court, at 12 King Street, as potential spaces.
Market sources said the college had also considered the option to buy Cloth Hall Court, which is owned by Leeds Beckett University. However, the University of Leeds has since agreed a deal to acquire the building.
A spokesperson for RCGP said: “The college was looking into an additional office in Leeds… but it was decided that the time was not right at the moment, so the plans have been put on hold.”
RCGP’s withdrawal from its search comes as the competition for office space in Leeds intensifies. Both overall and grade A vacancy in the city dropped during the second half of 2019, according to research from JLL, showing that supply is becoming more squeezed.
Overall office vacancy stood at 4.2% in Q4 2019, down on 5.3% in the previous year, while the vacancy rate for grade A offices narrowed to 1.9%, compared with 3.2% in 2018.
This steady demand meant that prime rents in Leeds rose by 5.1% during the year. Prime rents averaged £31 per sq ft at the end of Q4.
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