Newcastle office take-up doubles
Office take-up in Newcastle for the first half has almost doubled from the same period in 2021.
Initial Q2 data from BNP Paribas Real Estate has revealed that, for H1 2022, overall office take-up for the city and surrounding area stands at 440,865 sq ft, up from 239,127 sq ft let in H1 2021.
Over the second quarter, take-up in the city centre totalled approximately 48,990 sq ft, easily beating the 29,096 sq ft let in Q2 2021 and the 35,272 sq ft let in Q2 2020
Office take-up in Newcastle for the first half has almost doubled from the same period in 2021.
Initial Q2 data from BNP Paribas Real Estate has revealed that, for H1 2022, overall office take-up for the city and surrounding area stands at 440,865 sq ft, up from 239,127 sq ft let in H1 2021.
Over the second quarter, take-up in the city centre totalled approximately 48,990 sq ft, easily beating the 29,096 sq ft let in Q2 2021 and the 35,272 sq ft let in Q2 2020
City centre take-up for the first half of the year, at 127,000 sq ft, is on course to surpass the 10-year average take-up of 180,000 sq ft.
Q2 saw notable lettings in the city centre at Helix’s Lumen, along with three significant deals centred on Grey Street.
Aidan Baker, co-head of BNP PRE’s Newcastle office, said: “The data suggests the number of new requirements have been maintained when compared to Q1, with the majority focused on prime space in the city centre or best-connected locations with a very high level of staff amenity.”
He added: “The city centre market in Newcastle is still faced with restricted supply of new accommodation over the next 12 months, although the refurbishment of One Trinity Gardens will help supply.”
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Photo: Lumen Newcastle
