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 186,595 sq ft, 71% above the Q2 figure and 3% below the 10-year Q3 average.
City centre leasing was 18% below the 10-year average whereas out-of-town was 3% above.
Key deals of the quarter included:
- Spire Healthcare’s 30,783 sq ft lease at Spectrum 7;
- LNER’s leasing of 16,454 at 1 St James Gate;
- Cundall Johnston & Partners LLP’s 10,161 lease at Bank House.
Over the past 12 months, Professional Services, Government and Manufacturing and Industry accounted for 82% of all take-up.
Prime rents remained unchanged at £32.00 per sq ft.
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 decreased by 90 basis points to 8.1%. Premium quality space is undersupplied with the grade A availability rate at 1.3%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Glenigan, Property Market Analysis, Avison Young
A total of 32,000 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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