View our Newcastle Office Market Update for Q2 2017.
Total Newcastle office market take up, including out of town take up, stood at nearly 130,000 sq ft, which was better than expected but reflected a slower market than in the previous quarter with some hesitancy caused by political uncertainty.
In the city centre take up stood at 41,105 sq ft across 7 transactions. A small increase on Q1 2017 with the most significant letting being Eldon Insurance acquiring 21,261 sq. ft at St James Gate. The deal takes out the remainder of the vacant space within that office development, showing its popularity close to the Central Station.
At Gateshead Quays, Northern Gas and Power acquired an additional floor within Baltic Place of circa 9,500 sq. ft.
In the out of town market take up was below the previous quarter at 88,190 sq ft across 22 transactions. The principal transactions were a letting to Northumbria Water negotiated by Sanderson Weatherall on behalf of Hilford Developments at 26,000 sq ft at Spectrum 5 taking occupancy at Spectrum Business Park, Seaham to 75%.
In the City of Sunderland, the Tombola Group are building their own headquarters at Wylam Wharf comprising circa 25,500 sq ft.
If you have any questions on the quarterly report then please contact head of agency, Robert Patterson.