Top Ten market moves in Newcastle
May 9, 2016 Leave a comment
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.
Newcastle Office Market
May 11, 2017 Leave a comment
A recent 2017 report by Knight Frank, revealed that Newcastle city centre take-up fell by 15% during 2016 reaching 220,000 sq ft.
Business Services accounted for the largest proportion of city centre take-up in 2016 at 22%. There was also a continued increase in activity in the TMT (technology, media and telecom) sector.
Out of town, total take-up reached 492,000 sq ft, with the North East has attracted an increasing number of ‘footloose’ occupiers in recent years.
Key transactions included a 35,000 sq ft letting to Convergys at The Rocket in the Stephenson Quarter. The most significant deal in the TMT sector was Zerolight’s new lease of the entire LiveWorks development on Newcastle Quayside (15,000 sq ft) only months after the building completed.
Metropolis is monitoring around 20 companies with identified or possible office searches in Newcastle.
Figures from local agent Naylors show 177,041 sq ft of out of town office space in Newcastle was let in Q1 of 2017. In contrast, only 33,461 sq ft of city centre office space was let in the same period. In Q1 2017, Frank Recruitment let 19,000 sq ft at the St Nicholas Building, while Sir Robert McAlpine is taking 8,000 sq ft in the same building.
Out of town, Quorum Business Park secured the largest letting with Sitel taking 47,000 sq ft. Other significant deals included Leeds Building Society moving their regional HQ from Silverlink to Cobalt Business Park and Parseq acquiring 20,000 sq ft at Camberwell House, Doxford Business Park.
The office market in Newcastle remains relatively quiet, with the majority of companies approaching lease events in 2017, choosing to renew current arrangements rather than search for alternative space. Future market growth is likely to mainly come from companies outside the region inward investing and expansions.
Filed under CityOffices.net News, Market Comment, Metropolis Market Reports Tagged with Knight Frank, leads, Metropolis, moves, Newcastle office market, offices, Q1 2017, searches, sq ft