Preston office leasing reaches six-year high

By Tim Aldred

03 Apr 2024

Winckley Square Interior

Boosted by the opening of a number of new co-working spaces, new figures have revealed that Preston's office leasings currently sit at a six-year high.

According to a study by CoStar, leasing volumes amounted to 129,000 sq ft last year, the highest level since 2017 and 23 per cent above the 10-year annual average of 105,000 sq ft.

The occupancy rate in Preston had previously dipped during the pandemic, with the vacancy rate reaching 9 per cent in early 2023. However, recent letting activity and the change of some space to residential use have helped bring it down to 6.4 per cent.

Preston has proven to be an ideal spot for coworking and hybrid working, with its connections to the M6 and motorways heading west to Blackpool and east to Blackburn and Burnley. It also lies on the West Coast mainline with fast services to London and Glasgow.

The city has attracted two new projects in the last 12 months. In February last year, W_rkspace took 23,800 sq ft at Grade II-listed Amounderness House, which has since been refurbished with help from the government’s National Towns Fund.

In February this year, Barcelona-based OneCoWork entered into a management agreement in February with landlord Branco Capital on a 32,000 sq ft letting at Winckley Square (pictured above) – representing its first coworking site anywhere in the UK.

Coworking company BizSpace already has a large presence in the town.

The public sector has also contributed, with the Department of Levelling Up, Housing and Communities taking on 20,330 sq ft at Diadem House on Pavilions Business Park. The public sector is a large employer in Preston, with both the Department for Work and Pensions and HMRC already having a substantial presence.

In one of the larger deals, accountancy firm RSM committed to a 10-year term on 19,800 sq ft at Bluebell House late last year.

Enjoyed this? Read more from Tim Aldred

Latest news

1

Bodycare set to shut 32 of its stores Nick Holloway of administrators Interpath

Bodycare set to shut 32 of its stores

05 Sep 2025

2

New private client service from Vincents Solicitors Amanda Winder

New private client service from Vincents Solicitors

05 Sep 2025

3

Pets Choice acquires several brands from Kennelpak Tony Raeburn at Pets Choice

Pets Choice acquires several brands from Kennelpak

04 Sep 2025

4

JJO is acquired by 4D Capital Partners JJO in Bacup

JJO is acquired by 4D Capital Partners

04 Sep 2025

5

Carousel tax fraudster loses £90m property empire Arif Umarji Patel with the seized Ferrari counterfeit underwear container with counterfeit clothes inside

Carousel tax fraudster loses £90m property empire

03 Sep 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
Sub36 Networking - Follow the signs
Sub36 Deaf Village Social1200
Networking
17 Sep 2025

Sub36 Networking - Follow the signs

The Deaf Village, Blackburn, BB2 5EN

10:00 - 12:00

LBV124 September/October Launch Event
MBP Arc Cinema Preston Opening 205
Networking
18 Sep 2025

LBV124 September/October Launch Event

The Arc Cinema, Preston, PR1 2BL

08:30 - 10:30

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Longridge Soap Box Derby
Screenshot 2025-06-10 090035.png.png
LBV Hub Fundraisers
14 Sep 2025 - 14 Sep 2025

Longridge Soap Box Derby

Berry Lane, Longridge, PR3 3WH

10:00 - 16:30

Preston Tech Connection - The Ultimate Tech Quiz!
Preston Tech Connection Sept 25.png.png
LBV Hub Networking
16 Sep 2025 - 16 Sep 2025

Preston Tech Connection - The Ultimate Tech Quiz!

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:00

The Business Network Central & East Lancashire
LBV Hub Networking
17 Sep 2025 - 17 Sep 2025

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

Preston Freelancer Meet-Up: September
Sept Freelancer (1).png.png
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Preston Freelancer Meet-Up: September

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation
Chorley Council breakfast event new
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation

Worden Hall, Leyland, PR25 3DH

08:00 - 11:00

Speed Networking with BNI
2.png.png
LBV Hub Networking
24 Sep 2025 - 24 Sep 2025

Speed Networking with BNI

Chorley Football Club, Chorley, PR7 3DU

16:00 - 19:00

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day
MTD drop in session.jpg.jpg
LBV Hub Seminars
25 Sep 2025 - 25 Sep 2025

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day, Blackburn, BB1 5QB

10:00 - 16:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV 123 Online Graphic
Subscribe now

Weekly news bulletin