Avison Young has climbed to the top of the Newcastle office disposals league table in a market in which lockdown is beginning to show a quantifiable impact, with total space transacted down almost 30% against the previous 12 months.
The story is one of larger lettings continuing to cross the line and market churn on the smaller deals slowing considerably, creating a more polarised market in which the top five agencies finished with totals higher than their respective equivalents last year. Average deal size increased by 15%.
Avison Young acted on three deals above 10,000 sq ft, the largest of which was the 19,000 sq ft letting alongside Cushman & Wakefield to Homes England at Newcastle City Council’s The Lumen. This was one of just four Q2 city centre deals and was well in the pipeline in Q1.
Third-placed BNP Paribas acted on the largest deal of the year, in which Northern Gas & Power took 30,000 sq ft at The Riga Building in Gateshead’s Baltic Business Quarter. Naylors Gavin Black made an impressive debut in second place after being formed through the merger of Naylors and Gavin Black early on in the 12 months covered by the league table.
