Newcastle goes out of town

Office take-up in Newcastle reached 772,000 sq ft in 2014 according to a recent report by consultant BNP Paribas. The figure was 14% above the 5-year average, but 8% down on the 2013 total.

Much of the activity was in the out of town business parks with 546,000 sq ft of transactions outside the city centre according to the property group. For example Utiltywise took 77,000 sq ft at the Cobalt 22 Business Park, while Siemens also took 39,000 sq ft at Cobalt and Cofely took 26,000 sq ft at Quorum.

In town the largest deals were University of Newcastle taking 34,000 sq ft at 89 Sandyford Road and Teleperformance taking 28,300 sq ft at Baltic Place.

Stephenson Quarter’s 34,000 sq ft ‘Rocket’ scheme is the only scheme under construction.

Metropolis is currently tracking around 20 office requirements and forthcoming lease expiries in Newcastle which total around 200,000 sq ft in both city centre and business parks.

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