The Newcastle office market tabled total take-up of 210,502 sq ft in the first quarter of 2017.
In the city centre there were eight deals with a total take up of 33,461 sq. ft, broadly similar to Quarter 1 2016 with the most significant letting being Frank Recruitment Group acquiring 19,200 sq. ft in the St Nicholas Building.
In the out of town market take up was over double the previous quarter at 177,041 sq. ft across 39 transactions. The principle transactions were Durham Police purchasing 33,600 sq. ft at Doxford Business Park and Barratt Homes purchasing 20,000 sq. ft at Metro Riverside.
At the two major out of town parks we saw existing occupiers acquire additional space, as evidenced at Quorum Business Park with Insure the Box at 13,000 sq. ft and Macaw Engineering at 7,089 sq. ft. Furthermore at Cobalt Accenture acquired an additional 11,604 sq. ft.
To discuss the market report, please contact Robert Patterson, partner in our North East agency team.
Click here to download the Q1 2017 Newcastle offices market update.