Newcastle office market update Q3 2017

Published on: 6th November 2017

Newcastle Office Market Update Q3 20172View our Newcastle Office Market Update for Q3 2017.

Total Newcastle office market take up, including out of town take up, stood at nearly 166,843 sq ft, which showcased Newcastle’s strength as a desirable business location with improved take-up compared to both Q3 2016 and the preceding quarter.

In the city centre the take up increased to 65,286 sq ft across 18 transactions, the best city centre take up since Q3 2015. Notable lettings in the city centre include the letting of 12,539 sq ft to the Journal Publisher Owner, Trinity Mirror and Communicator Corporations taking 5,681 sq ft on the 2nd floor of Eldon Court, within the Intu Eldon Square shopping centre.

Out of town also showed promising activity with 37 transactions totalling over 100,000 sq ft. Key transactions in the out of town market included the letting of 13,030 sq ft at Cobalt 9B to Siemens, Isocom purchasing 17,887 sq ft in Peterlee and County Durham Police purchasing 11,282 sq ft in Chester Le Street.

The Newcastle office market remains solid with the majority of transactions in the Grade B sector, despite the lingering economic uncertainties this once again signifies the resilience of the Newcastle market and there is no doubt that the market will continue to attract occupiers.

Moving forward the general take up picture of office stock is looking very similar to 2016, which following the lack of Grade A supply and relatively few larger out of town deals will be a great outcome for the Newcastle office market.

If you have any questions on the quarterly report then please contact head of agency, Robert Patterson.

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Northumbrian water confirmed as new Spectrum tenant

Acting on behalf of Spectrum Business Park, our Newcastle agency team has let two of the three floors of Spectrum 5 to Northumbrian Water. Spectrum Business Park is one of the region's fastest growing business parks and following the letting of 27,000 sq ft to Northumbrian Water, the park is now over 75% occupied. John McGovern, Head of Asset Delivery at Northumbrian Water, said: “This move will create one central hub for our infrastructure teams and gives us the opportunity to work closer with our framework partners under one roof. Moving into Spectrum 5 will strengthen the collaborative working relationships we have and ultimately help deliver an unrivalled service to all our customers. “After looking at a number of locations around the North East, we felt Spectrum Business Park ticked all the boxes in terms of location, quality of office space, transport links and parking, which were all major influencing factors given how many people will be based here.”

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Acting on behalf of Spectrum Business Park, our Newcastle agency team has let two of the three floors of Spectrum 5 to Northumbrian Water.

Spectrum Business Park is one of the region's fastest growing business parks and following the letting of 27,000 sq ft to Northumbrian Water, the park is now over 75% occupied.

John McGovern, Head of Asset Delivery at Northumbrian Water, said: “This move will create one central hub for our infrastructure teams and gives us the opportunity to work closer with our framework partners under one roof. Moving into Spectrum 5 will strengthen the collaborative working relationships we have and ultimately help deliver an unrivalled service to all our customers.

“After looking at a number of locations around the North East, we felt Spectrum Business Park ticked all the boxes in terms of location, quality of office space, transport links and parking, which were all major influencing factors given how many people will be based here.”

[fulltext] =>

Paul Wellstead, the property developer of Spectrum Business Park, said: “Securing Northumbrian Water as our newest tenant is a real coup for Spectrum Business Park and demonstrates just how far the park has come since I started creating my vision over 10 years ago.

“It’s also testament to the improvements which are evident, and the investment made, across Seaham, which is now home to some of the region’s fastest growing public and private sector companies.

“My hope is that having Northumbrian Water occupy the top two floors of Spectrum 5 will generate interest from some of its partners, and the remaining floor will quickly become occupied.”

Robert Patterson, head of our agency team, said, “We are delighted to have assisted Northumbrian Water with their office move. Spectrum Business Park is proving to be one of the most desirable places to work in the North East and following this significant letting it is great to see the park over 75 percent occupied.”

To view the remaining office spaces available at Spectrum Business Park please click here.

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Riverside offices let to Newcastle architects following their expansion

Acting on behalf of ACE, our North East agency team has let an office space at Newcastle Business Park to local architects Sadler Brown. The 1,015 sq ft office building is located at Riverside Studios, on the Northern bank of the River Tyne approximately half a mile to the West of Newcastle City Centre. The Sadler Brown Group agreed the deal following the recent announcement of their acquisition of Anthony Keith Architects, another Newcastle based architecture firm. Charlotte Marshall, agent in our Newcastle office commented, “We are pleased to have secured the Sadler Brown Group as a tenant for ACE at Riverside Studio following significant interest in the property.

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Acting on behalf of ACE, our North East agency team has let an office space at Newcastle Business Park to local architects Sadler Brown.

The 1,015 sq ft office building is located at Riverside Studios, on the Northern bank of the River Tyne approximately half a mile to the West of Newcastle City Centre.

The Sadler Brown Group agreed the deal following the recent announcement of their acquisition of Anthony Keith Architects, another Newcastle based architecture firm.

Charlotte Marshall, agent in our Newcastle office commented, “We are pleased to have secured the Sadler Brown Group as a tenant for ACE at Riverside Studio following significant interest in the property.

[fulltext] =>

SBG’s acquisition of Anthony Keith Architects follows a number of recent national contracts won by the design company. Having already occupied 2,200 sq ft of office space on Riverside Studios just 12 months ago, this further office expansion will facilitate the company’s continued development, with such offices being ideally suited for those requiring flexible office space.”

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Office Agency

Our office agency team provide advice and expertise on the sale, acquisition, marketing, development and leasing of office properties and developments across the country. Utilising in-depth experience of the UK office sector coupled with extensive knowledge of the local and regional marketplaces in which we operate, each team possesses unrivalled skills to work to your significant advantage. Our specialist knowledge ranges from individual office suites to out of town business parks and new-build city centre developments.The specialism is supported by a broad range of additional services within the business. Agency Disposals: Realistic marketing advice and methodology Comprehensive market knowledge and full research facilities Extensive enquiry database Innovative marketing ideas Appraisal of alternative uses with in-house town planning advice Agency Acquisitions: Obtaining a clear understanding of our client’s requirements and commercial objectives Comprehensive property stock search and identification of development opportunities Objective advice on the suitability of identified properties Negotiation of favourable terms Full back up service including structural surveys, planning advice and fitting out etc. Valuation and finance advice Development Consultancy: Thorough market research Advice on selection and appointment of consultants Undertaking of full financial appraisals and timescales Advice on optimum composition of development Assessment of deliverability Advice on specification and scheme layout End user knowledge   Contact Us

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Our office agency team provide advice and expertise on the sale, acquisition, marketing, development and leasing of office properties and developments across the country.

Utilising in-depth experience of the UK office sector coupled with extensive knowledge of the local and regional marketplaces in which we operate, each team possesses unrivalled skills to work to your significant advantage.

Our specialist knowledge ranges from individual office suites to out of town business parks and new-build city centre developments.The specialism is supported by a broad range of additional services within the business.

Agency Disposals:

  • Realistic marketing advice and methodology
  • Comprehensive market knowledge and full research facilities
  • Extensive enquiry database
  • Innovative marketing ideas
  • Appraisal of alternative uses with in-house town planning advice

Agency Acquisitions:

  • Obtaining a clear understanding of our client’s requirements and commercial objectives
  • Comprehensive property stock search and identification of development opportunities
  • Objective advice on the suitability of identified properties
  • Negotiation of favourable terms
  • Full back up service including structural surveys, planning advice and fitting out etc.
  • Valuation and finance advice

Development Consultancy:

  • Thorough market research
  • Advice on selection and appointment of consultants
  • Undertaking of full financial appraisals and timescales
  • Advice on optimum composition of development
  • Assessment of deliverability
  • Advice on specification and scheme layout
  • End user knowledge

 

Contact Us

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