Newcastle
Take-up
TOTAL TAKE-UP IN QUARTER (SQ FT)
CHANGE ON LAST QUARTER
CHANGE ON 10 YR QUARTERLY AVG
TAKE-UP (SQ FT)
Source: Avison Young
Take-up totalled 108,902 sq ft, 42% below the 10-year Q2 average.
Take-up was comparatively lower in the out of town market at 91% below the 10-year average, while the city centre market was 51% below average.
Key deals of the quarter included:
- Equans’s 7,942 sq ft lease at Spectrum 7;
- Oak Engage’s 7,456 sq ft lease at Central Square;
- True Solicitirs leasing of 6,857 sq ft at Portland House.
Over the past 12 months, the professional services, manufacturing and industry and government sectors accounted for 71% of all take-up.
Prime rents remained at £32.00 per sq ft, 9% up over the past year.
NOTABLE DEALS
Source: Avison Young
PRIME RENT
Per sq ft
Quarterly change
Source: Avison Young
12 month change
Rent free months (10-year lease)
TAKE-UP BY SECTOR (SQ FT)
Source: Avison Young
ANNUAL TAKE-UP (SQ FT)
Source: Avison Young
Availability
AVAILABILITY RATE
CHANGE ON LAST QUARTER
CHANGE ON LAST YEAR
AVAILABILITY (SQ FT)
Source: CoStar, Avison Young
The availability rate grew by 227 basis points to 9%. Premium quality space is undersupplied with the grade A availability rate at 1.4%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Glenigan, Property Market Analysis, Avison Young
A total of 32,424 sq ft has completed so far in 2024. HMRC’s 464,000 sq ft Pilgrim Place office is under construction and due to complete in 2027.
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