The Newcastle office market made a strong recovery in 2013. Total take-up of office space across both the city centre and out of town markets for the year stood at just over 1m sq ft - 37% above the 2012 figure of 750,541 sq ft.
Take-up levels in the city centre during Q4 2013 were 70,779 sq ft, a sharp increase on the Q4 2012 figure of 13,332 sq ft. Over 67% of the space transacted was for grade A accommodation, assisted somewhat by the 34,845 sq ft letting at East Quay 5 to Barclays Bank.
Activity in the out of town office market returned to near average levels in the final quarter of 2013 following a sluggish Q3, with 188,203 sq ft of space transacted – an increase of 3.5% on the corresponding period in 2012. This was due in part to Newcastle NHS Trust’s purchase of Regent Point – a 99,899 sq ft office building in Gosforth.
For a detailed breakdown of Q4 2013 take-up by grade, please click here or on Chart 1 to the left of this article.