The availability of grade A office space has become very tight in Newcastle city centre, with 113,531 sq ft currently available equating to less than one year’s supply. Most of this space is single floor plates of less than 10,000 sq ft, which poses a significant issue for any major corporate looking to locate or expand in the city.
No new space is currently under construction and just two new schemes have come to the market recently; The Rocket, extending to 35,000 sq ft and Live Works, extending to 14,320 sq ft. Despite strong interest in The Rocket it remains available at a rent of £23.00 per sq ft.
The most likely location for new development remains Gallowgate, where MASH Developments has just submitted a planning application for a mixed use scheme including 100,000 sq ft of offices.