The North East
connect61
office buildings, Maker and Faber are due to be completed in Q1 2024, providing a further 160,000 sq. ft. of Grade A space in the city centre.
Last stop, County Durham is also bustling with activity with Connect at Integra 61, adjacent to the A1(M) offering several huge new speculative logistics and manufacturing units totalling more than 800,000 sq. ft. Further south, at NETPark, one of the UK’s premier science parks, Phase 3 is underway with the construction of 232,000 sq. ft of new accommodation for science, engineering and technology companies.
When mapping out the route forward, it’s important to consider the major changes happening in the region. In May 2024, the North East Mayoral Combined Authority will be formed covering County Durham, Tyne and Wear and Northumberland. The new Combined Authority will have an elected mayor and significant devolved powers and funding covering a range of areas including transport, adult skills, housing, regeneration, and economic development. The Deal will unlock £4.2 billion of investment, over 30 years. One of the early benefits of devolution will be the creation
of an Investment Zone in the region aimed at helping to stimulate the growth of clusters of clean energy and green manufacturing businesses. At the time of writing, the exact location of the Investment Zone is still to be decided, but it will undoubtedly be one further reason for inward investors to look at the North East as their future location of choice.
There are exciting times ahead for the North East of England and for businesses looking to grow and invest: from our vibrant city centres to out of town business parks and high-spec industrial sites. It is truly the time to move on up!
Invest North East England has a property search function on its website enabling businesses of all sizes to search for offices, industrial properties and land sites anywhere in County Durham, Tyne and Wear and Northumberland. If you’re looking for new premises; check it out.
If you are a business and you are considering moving to North East England, contact our team for further information –
enquiries@inee.co.uk
COMMERCIAL PROPERTY MONTHLY 2023
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