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 65,681 sq ft, 65% below the Q3 figure and the 10-year quarterly average. Annual volumes in Newcastle reached 605,000 sq ft, which is 14% below the 2023 figure.
Key Q4 deals included:
- Whistles’ 9,922 sq ft lease at The Bullrushes;
- De La Rue’s 7,536 sq ft letting at Baltic Place – West Tower;
- The Energy Supermarket’s 5,400 sq ft lease at Q6 Quorum.
2024 take-up in Newcastle was primarily driven by the Professional services and Government sectors, each accounting for 16% of the total share. The Manufacturing and industry sector followed with 8% of the take-up.
City Prime rents in Q4 2024 remained steady at £32.00 per sq ft, showing 0% change compared to both the previous quarter and the same period in 2023. Rent frees remain at 20 months on a 10 year lease.
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 reached 7.7% in Q4. This is 36 bps down on Q3 and 163 bps below Q4 2023. Grade A availability remains undersupplied, with vacancy now at 0.9%, down from 1.3% in Q3.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Glenigan, Property Market Analysis, Avison Young
A total of 32,000 sq ft completed in 2024. HMRC’s 464,000 sq ft Pilgrims Quarter is under construction in Newcastle and is due for completion in Q4 2025.
This report has been prepared by Avison Young for general information purposes only. Whilst Avison Young endeavours to ensure that the information in this report is correct it does not warrant completeness or accuracy. You should not rely on it without seeking professional advice. Avison Young assumes no responsibility for errors or omissions in this publication or other documents which are referenced by or linked to this report. To the maximum extent permitted by law and without limitation Avison Young excludes all representations, warranties and conditions relating to this report and the use of this report. All intellectual property rights are reserved and prior written permission is required from Avison Young to reproduce material contained in this report.