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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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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