Member Article

Positive start to 2018 say office agents

The first quarter of 2018 saw 63 completed office deals report the North East Office Agents (NEOA), comprising Cushman Wakefield, Bradley Hall, Gavin Black & Partners, Lambert Smith Hampton, Sanderson Weatherall, GVA, Knight Frank, Naylors and BNP Paribas. In all 171,943 sq ft of space was let.

Commenting on the quarter, a NEOA spokesman says there were 19 deals in Newcastle city centre and 44 ‘out of town’ which put both sub sectors on a good footing.

“It was a case of improved take up in the city centre with out of town holding up. In terms of rental tone, £21.50 was the best achieved in the city with a wide range of rental levels out of town as a result of locational and size differences. The best buildings are letting well in town for example Gallowgate’s Time Central where Turner and Townsend leased 5,228 sq ft and there is strong evidence of owner occupier demand improving in prime locations for example at 50 Grey St where there was a confidential letting of 9,368 sq ft. City Quadrant, Waterloo Street, had the highest number of lettings, six in all to tenants such as Bank of England, Veritus Global and Marie Curie,” says the spokesman.

“Out of town activity saw a broad range of regional locations – from Darlington to Stannington, from Wallsend to Hexham. However Quorum, North Tyneside, saw two significant deals to TSG and Utility Alliance – 5,646 sq ft and 13,333 sq ft respectively. The largest out of town letting was to largest Learning Curve which leased 16, 000 sq ft at Durham Gate, Spennymoor.”

This was posted in Bdaily's Members' News section by Chris Dobson .