The North East
North East Commercial Property Market Continues to Thrive
The Beam
Despite the current change to working patterns and rising trend in home working, the commercial property market in the North East remains buoyant.
Now, more than ever, there is a real need for quality, flexible office space that can adapt to the needs of businesses - both now and in the future.
North East England has a wide range of commercial property sites available; from brand new, Grade A, city centre office space and out of town business parks to enterprise zones and strategic industrial development sites.
The Lumen is a brand new 106,000 sq. ft. Grade A office in the heart of Newcastle city centre on Newcastle Helix. The Lumen, and its neighbour The Spark - currently under construction, aim to support the growth of the North East’s life sciences sector, as well as businesses working in digital technology and business services.
The Beam - the first office building to be developed at the new multi- million pound Riverside Sunderland development - welcomed its first tenant in 2019, online supermarket giant, Ocado. The next phase of office development on this site will start construction in early 2021 with 200,000 sq. ft. of Grade A space planned.
Other new city centre developments include Riga at Gateshead Quays and Milburngate in Durham City. Riga is home to some of the North East’s leading games companies and Milburngate will soon support the growing business services sector.
Out of town business parks such as Quorum Business Park, Cobalt Business Park and Doxford International Business Park offer first class facilities as well as access to the North East’s skilled workforce via efficient region-wide transport networks, including the Tyne and Wear Metro.
The North East is a popular destination for businesses interested in ‘northshoring’; moving business operations out of expensive parts of the South to more cost effective locations in the North. Norton Rose Fullbright, Verisure and Delloite are just some of the international companies who have north-shored operations.
Whilst the availability of skills and low labour attrition rates are part of the reason behind this northshoring phenomenon, the cost effectiveness of property in the North East has also driven the trend, with Grade A office space around 75% cheaper than London.
And on the industrial side, development sites across North East England offer a flexible source of commercial property. Each one is strategically located next to major road networks connecting businesses with the rest of the UK, as well as major transport hubs, including Newcastle International Airport and the region’s three Ports.
Of course there’s a lot more to a destination than the quality of its office space. North East England provides an excellent work life balance and boasts both the coast and countryside on its doorstep. The region has one of the shortest average commuting times in the UK meaning people can spend more time enjoying everything else the region has to offer.
Invest North East England has a dedicated Commercial Property and Land database that covers all of the region. It’s free to use and provides details of the property and land available to buy and rent in the area.
Visit
property.investnortheastengland.co.uk to start your search or contact the team for more information
www.investnortheastengland.co.uk
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COMMERCIAL PROPERTY MONTHLY 2021
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