Top Ten market moves in Newcastle

A recent report on the Newcastle office market by GVA Bilfinger highlighted some of the major market movers and skakers.

1. Q1 take-up reached nearly 150,000 sq ft in Newcastle, with Sitel taking 48,000 sq ft at Quorum Business Park;

2. Accenture, the management consultant, took 15,000 sq ft of extra space at Cobalt Business Park;

3. EY (Ernst & Young) recently took 22,900 sq ft at One City Gate East, while Ubisoft took 17,000 sq ft at Haymarket Hub;

4. Litterboss is taking 12,100 sq ft at Digital House in the Team Valley;

5. Shepherd Offshore, the offshore logistics firm, has submitted plans to develop a £4m two-storey head office at the Walker Offshore Technology Park in Newcastle-upon-Tyne;

6. Newcastle University is to build the £30m National Institute for Smart Data Innovation (NISDI) at the new Science Central site in Bath Lane, Newcastle-upon-Tyne

7. Accord Healthcare is to set up a pharmaceutical plant at the former Sanofi site in Newcastle-upon-Tyne;

8. The recently completed 35,000 sq ft Stephenson Quarter Rocket scheme is rumoured to be under offer;

9. Commercial Estates Group is revamping 60,000 sq ft at Cuthbert House, while Schroders is refurbishing 10,000 sq ft at Earl Grey House;

10. The former Eversheds’ space at Central Square South will add some 50,000 sq ft to Grade A space in the city;

Metropolis continues to monitor a number of companies looking for office space in the city.

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High Tech Cambridge

A recent report by property consultant Carter Jonas spotlights the quietly booming Cambridge office market.

Cambridge is the UK’s pre-eminent location for research and development in high value industries such as pharmaceuticals, biotechnology and advanced engineering in software and electronics.

The Cambridge office and lab market enjoyed another strong year in 2015, with take-up exceeding 1.1 million sq ft – surpassing the 956,000 sq ft let in 2014.

Granta Park saw work start on Illumina’s new 155,000 sq ft HQ which will open in summer 2017; while Gilead announced a new 93,000 sq ft building and ARM took 195,000 sq ft at Peterhouse Technology Park in the city’s largest letting. However, the majority of deals recorded were in the sub-10,000 sq ft category.

Deloitte, Thales and Carter Jonas agreed pre-lets at the under construction ‘One The Square’ in central Cambridge, totalling almost half of the 142,000 sq ft building, ahead of its completion in November 2016. In the last year AstraZeneca, Apple and Spotify have all taken space in the city.

Metropolis is monitoring the plans of over a dozen companies with requirements or potential requirements in Cambridge. In addition, Metropolis is planning to speak to a further 100 Cambridge office occupiers with leases due to expire in the next two years.

Office and lab developments with outline planning consent totalled almost 3.8 million sq ft in early 2016. Granta Park is set to expand its 120-acre site with the granting of planning permission to provide 365,000 sq ft of new R&D space.

Forecasts for 2016 include greater competition for available space pushing rents to well over £30psf. Some decentralisation from the the more expensive core to the cheaper fringe areas. The pace of office refurbishment to increase as demand grows.