Channel 4 recently announced that they have decided to finally set up a new national HQ in Leeds. This is great news for the city that consistently fights off strong competition from the likes of Manchester and Liverpool, establishing themselves in this migration North of the large TV networks. Leeds is already very much on the map, as Yorkshire city has become the largest financial and legal centre outside of London, with it’s financial and insurance services alone creating an estimated £13bn in revenue for the local economy. Outside the 30 or so national and international banks that are located there, the Bank of England has it’s only office outside of London based there too.
With this move of the creative sector, Leeds is fast becoming a truly cosmopolitan location and one which attracts both local and National talent to its workforce, with the highest percentage of private to public sector workers in the UK’s core cities. The city has 5 universities, attracting a wide range of students from around the world. Pair this with high retention rates, and this group of people alone will keep the local workforce growing.
What does this mean to the property market there? Well, similar to Manchester, the demand for housing is growing fast and outstrips supply by some margin. Latest figures show that this demand for quality properties is due to continue for the next 5 years or so, and the lack of supply will simply add to the upward pressure on prices and rental levels. The latest report from JLL predicts an average rental value growth of 3.5 per cent per year over the next five years, and adds, “This forecast makes Leeds city centre our standout market to watch for rental growth between 2018 and 2022.”
So, the future is set and this latest announcement from Channel 4 will not only bring the 250 jobs that the HQ needs, but it will no doubt also bring in thousands more in businesses allocated with this industry.