Leeds office market set for '˜exciting and successful' 2019, says Knight Frank

Henrie Westlake, head of Knight Franks Leeds office

YORKSHIRE'S office market is expected to enjoy another strong year as growing numbers of investors head to the North of England, according to Knight Frank, the global real estate consultants.

Knight Frank’s profits increased by 14 per cent to £166.7m in the year ended March 31 2018 as the firm’s fortunes were boosted by “resilient” global demand. Group turnover rose by 10 per cent to £525.9m.

Alistair Elliott, senior partner and group chairman, said: “I am pleased to report another very strong set of results for the group.

“Our turnover increased by 10 per cent in the face of volatile markets and political conditions around the world.

He added: “We believe that this is a reflection of the success of our concentration on organic and strategic investment in people over the past five years and is a tribute to the quality of our teams across the globe.

“If we reflect on our progress over the 10 years since the financial crisis, there is good reason to feel confident.

“Since 2008, we have substantially increased the scale, breadth and scope of our business and, recognising the cyclical nature of our markets, we have retained profits in order to build a strong balance sheet that has no net debt.

“We think that this is particularly important in the current environment.

“Our investment in technology continues apace as we continue to put our people and clients at the heart of what we do.

“Through our technology board, we investigate and adopt technologies that will improve client service and are right for our business without impeding on the personal relationships, on which we remain firmly focused.”

Mr Elliott said the UK had delivered “very encouraging” results, despite the ongoing uncertainty about outcomes surrounding Brexit.