Newcastle’s commercial property market is showing clear signs of improvement in some sectors, which is providing cause for cautious optimism.
The city’s retail market is quite diverse and its city centre shopping district is continuously evolving with Northumberland Street considered one of the finest high streets in the UK. Eldon Square is also trading well but it doesn’t dominate the city in the same manner that other cities are dominated by newer developments.
In addition Blackett Street is undergoing regeneration with the redevelopment of the former Monument Mall. Improvements are also being made in some of secondary locations were new users are taking up vacant space. This includes leisure tenants who are taking over accommodation that was formerly retail space.
It’s not all positive news in the retail category, though, as some less affluent areas of the city are struggling as retailers shut up shop.
The city centre office market is also showing signs of improvement. Here, smaller spaces below 5,000 sq ft, with flexible lease terms, are currently proving very popular.
This fact was reflected in the first quarter’s figures for 2013, which totaled a take-up of 44,124 sq ft which, if it continues at the same rate, will exceed 2012’s take up figure of 154,200 sq ft.
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