Newcastle office market update Q3 2017Published on: 6th November 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.