Standing at 102,747 sq ft - 80% higher than the same period last year - Newcastle city centre recorded its highest quarterly take-up of office space in five years during Q3. This brings the total city centre office take-up for the year-to-date to 218,549 sq ft. With several large deals expected to complete in Q4, including 35,000 sq ft to Barclays at East Quay 5, we expect the end-of-year total to exceed 300,000 sq ft.
Despite an exceptional first half, the out of town office market showed signs of a slowdown in Q3, with just 75,324 sq ft of office space let or sold – down 31% on the same period in 2012. However, the year-to-date total of 538,132 sq ft is still a significant achievement for a market characterised by sub-5,000 sq ft transactions.
For a detailed breakdown of Q3 2013 take-up by grade, please click here or on Chart 1 to the left of this article.