Property experts Savills is predicting that growth in Leeds will exceed both local and national averages.
Growth Prospects
Leeds is set to grow faster than the rest of the region and the UK in general, with an expected increase of 16% over the next decade. This is a positive indicator for investors, highlighting potential growth opportunities in the city.
Innovation Arc
The city is planning an “Innovation Arc” – a network of innovative neighborhoods centered around universities, hospitals, and major private companies. This arc aims to foster creativity, collaboration, and innovation, making the city an attractive destination for forward-thinking businesses.
Focus on Healthcare
Leeds’ healthcare sector is thriving, with employment growing by 16% over the past five years, more than double the UK’s average. This growth is supported by initiatives like the Nexus at the University of Leeds and the presence of NHS Digital, attracting over 60 start-ups.
Attracting Talent
The report emphasizes the need for attracting and retaining talent, which will be crucial for drawing major employers to the region. Currently, Leeds offers relatively low rents compared to other major cities, adding to its appeal for businesses.
New Developments
Several new office buildings are due for completion this year, which will enhance the availability of premium (Grade A) office space. These developments are likely to drive up rents and draw in employers looking for standout office locations.
Leeds as a Business Hub
Simon Lister, Head of Investment and Office in Leeds, highlighted Leeds’ status as the best UK city outside London to start a new business. The city’s focus on innovation and growth is attracting opportunities and talent.
Housing Needs
Rebecca Housam, Director in the Planning North team at Savills, pointed out the need for more diverse housing, including larger family homes and accommodation for the elderly. Despite meeting overall housing targets, there has been an imbalance with too many flats and not enough houses. The article argues for a green belt release to address this housing challenge.
What This Means for Investors
- Growth Potential: The strong growth forecast offers a promising investment environment in Leeds.
- Innovation Focus: Investment in areas aligned with the city’s focus on innovation may yield positive results.
- Healthcare Opportunities: With significant growth in the healthcare sector, there could be attractive investment prospects in related fields.
- Office Space: The influx of new office buildings could create opportunities for investment in commercial property.
- Housing Market: The demand for diverse housing, including family homes, could represent an investment avenue.
Overall, Leeds appears to be a vibrant and growing city with a variety of potential investment opportunities, particularly for those interested in innovation, healthcare, office space, and diverse housing options. It may be a suitable time for investors to explore these areas and consider strategic investments in line with the city’s growth trajectory.