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Market Update

Newcastle Offices - Q1 2013

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Transactional activity in the city centre amounted to 44,124 sq ft in Q1, up considerably on the Q4 figure and 9.5% up on a year ago.

The availability of Grade A space in the city centre was virtually unchanged on Q4 at just under 260,000 sq ft. Vacancy rates also remained static at 8.0%. However, on a positive note, active named requirements rose to 243,000 sq ft – the highest since Q1 2011.

Prime rents were also unchanged in Q1, with the headline figure standing at £21.50 per sq ft and the net effective rent at £17.50 per sq ft.

Source : Knight Frank

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