The Newcastle office market saw its highest take-up since the financial crisis in 2013 as office lettings nearly doubled their average rate.
More than 1m sq ft of deals were signed last year, compared with an average take-up of 645,000 sq ft and 750,000 sq ft in the year before, according to the Offices Group.
The take-up was given a boost by a 35,000 sq ft deal at East Quay 5 to Barclays, and Newcastle NHS Trust’s occupation of the 100,000 sq ft Regent Point in Gosforth.
The Newcastle office market saw its highest take-up since the financial crisis in 2013 as office lettings nearly doubled their average rate.
More than 1m sq ft of deals were signed last year, compared with an average take-up of 645,000 sq ft and 750,000 sq ft in the year before, according to the Offices Group.
The third quarter saw the highest level of city centre letting activity with 75,000 sq ft signing out of an annual total of 259,000 sq ft.
The first quarter was the busiest for the out-of-town market, which saw 263,000 sq ft of deals from an annual total of 756,000 sq ft.
The Offices Group, which pools office statistics, is made up of BNP Paribas Real Estate, Bradley Hall, DTZ, Gavin Black & Partners, GVA, Knight Frank, Lambert Smith Hampton, Naylors Chartered Surveyors, Sanderson Weatherall, and Storeys Edward Symmons.
Chris Pearson, partner at Gavin Black & Partners, said: “To break through this milestone is very significant. It shows that Newcastle and the wider region are both very attractive locations for occupiers.
“Given the improvement in the national economy, we are seeing gradually improving sentiment in the North East.”
chris.berkin@estatesgazette.com
