Newcastle Offices Market Update Q4 2016
The Newcastle office market tabled total take-up of 181,210 sq ft in the final quarter of 2016.
The Newcastle office market recorded total take-up of 98,733 sq ft across 21 deals in Q4 of 2016. This was compared to only 38,055 sq ft of take-up in the third quarter of 2016.
The largest city centre deals of the quarter saw Gateshead Council take 19,543 sq ft at Baltic Business Park and Regus take 12,785 sq ft at Cale Cross House, Newcastle Quayside.
Out of town take-up totalled 82,477 sq ft in Q4 of 2016 with True Potential acquiring 10,444 sq ft at Newburn House in one of the largest deals of the quarter.
Demand in the wake of Brexit has been predominantly for suites up to 5,000sq ft, in 2017 there are however several new requirements for 50,000 sq ft and 60,000 sq ft spaces, suggesting that demand may outstrip supply in the city centre.
It is therefore vital that existing landlords invest in refurbishment and the presentation of the right specification of stock, to ensure that any empty spaces are in line with the current needs of the occupier market.
To discuss the market report, please contact Robert Patterson, partner in our North East agency team.
Click here to download the Q4 2016 Newcastle offices market update.