Q1 North East office market take-up totalled 159,646 sq ft across 34 deals in the three months from January to March.

In the city centre, nine deals totalling 54,980 sq ft were concluded in Q1 including one transaction totalling 44,700 sq ft which saw Womble Bond Dickinson acquire Grade A office space across five floors at The Spark. The quarters take up was  up by 70% on the same time last year and was also significantly better than the  previous quarters total.

The out-of-town market saw 25 deals with a total take-up of 104,666 sq ft, which fell  short of the five yearly quarterly average.

Grade A city centre supply remains at circa 150,000 sq ft of space currently  available.

We forecast the market to continue in an upward trend as the vaccine continues  to be rolled out. The flight to quality and downsizing exercise continues to be  the key trends highlighted within both the city centre and out of town markets.

With a number of new build schemes coming forward in the city, the increase  in post pandemic demand and the ‘return to the office’ ethos are key topics  institutional landlords are keeping track of, as they hope reinvigorated occupiers  will soak up the new supply.

Click Here to download the Q1 2021 Newcastle office market report.