Total take-up of office space in Newcastle increased by more than 48% during the first quarter of 2013, reaching 307,442 sq ft.
City Centre take-up totalled 44,000 sq ft, with transactions for sub 4,000 sq ft floor plates continuing to dominate activity. However, three deals are due to complete above this size range in Q2.
The out of town office market performed particularly well with deals at the two major out of town business parks of Cobalt and Quorum adding to a first quarter total of 263,000 sq ft. This represents a 30% increase on the Q4 2012 out of town figure.
With an increased number of requirements and a higher than average (five year) take-up in the first quarter of 2013, there is a feeling of cautious optimism that 2013 will see improved transaction levels above 2012 figures.
For a detailed breakdown of Newcastle office take-up by grade for Q1 2013, please click here or on Chart 1 to the left of this article.