After a strong start to the year, city centre take-up slowed considerably in Q4, reaching only 13,332 sq ft (Q4 2011: 23,362 sq ft).
The out of town market performed considerably better, resulting in a final quarter take-up of 181,925 sq ft (Q4 2011: 234,928 sq ft).
These results mean that total annual take-up for the Newcastle office market stands at 750,541 sq ft, a fall of 1.6% against last year’s total (2011: 762,724 sq ft).
Transactions for Grade B/C space dominated activity across both the city centre and out of town markets, with only 29% of total take-up comprising Grade A space; a reduction on the 2011 figure of 106,409 sq ft.
For a detailed breakdown of take-up by grade, please click here or on Chart 1 to the left of this article.