The North East Quality is Key in Newcastle’s Buoyant Office Market
the pandemic. As we ease out of lockdown, we’re now seeing extremely positive signs for office demand increasing. In fact, we’re now seeing higher levels of demand to lease offices than we saw back at the start of 2020. The appetite for smaller, self-contained offices and for companies looking for flexibility in their requirements has certainly fuelled this demand.”
Later this month, Naylors Gavin Black and Cushman & Wakefield will launch 9,750 sq. ft of fully refurbished space at 60 Grey Street. The prominent listed building in central Newcastle has undergone a comprehensive refurbishment to create a range of contemporary office suites which will be available for occupation this summer.
A new interior design scheme has the created eight individual office suites suitable for accommodating a wide variety of different organisations, with sizes ranging from 650 to 2,350 sq.ft.
The project has also included new communal break-out space at ground floor level, full redecoration and the installation of new lighting, shower facilities and passenger lift. A new 1Gb high speed data connection is being installed at the four-storey building which benefits from 7 car parking spaces available for new occupiers.
New contemporary offices at 60 Sixty Grey St
Ever since the very first UK Covid-19 lockdown back in March 2020, there has much speculation about the future of the office and how working from home could play a long-term role in the lives of many office workers.
Whilst there is consensus that home working will form part of a more flexible structure going forward, it remains to be seen to what extent it will impact on office demand.
However, according to North East commercial property consultancy, Naylors Gavin Black, the demand for office space in central Newcastle has changed over the past 12 months and this is having a positive impact on the way vacant accommodation is being presented.
Led by partner Chris Pearson, the office agency team at Naylors Gavin Black has concluded a host of lettings in the Newcastle city centre to accommodate high levels of demand from discerning occupiers.
Chris Pearson, said: “Despite the pandemic, we are actually seeing high levels of enquiries for good quality office accommodation, particularly for smaller suites with first class services and facilities.
“We recently achieved 100% occupancy at The Pearl on New Bridge Street West, following a series of five lettings working with our joint agent Knight Frank and we are now working on bringing forward fully refurbished office space elsewhere within the city centre.
“Quality is the key word which is underpinning demand. Occupiers are looking for space which offers the right levels of specification and a superior level of services, all within a central location.”
In support of Naylors Gavin Black’s sentiments, research data released this month by Rightmove Commercial points to a significant increase in the demand for leasehold offices in the North East over the past the 12 months.
Commenting on the growth in demand, Dan Holland of Rightmove Commercial added: “The office sector has been among the most heavily impacted throughout
COMMERCIAL PROPERTY MONTHLY 2021 79
Amenity space with bookable meeting room at 6o Grey St
Chris Pearson added: “This project is perfectly timed to help meet the demand for flexible and contemporary office space in Newcastle city centre, especially in popular locations such as Grey Street.
“Behind the attractive listed façade, there will be a total of 9,750 sq. ft available for occupation before the start of summer and we very much look forward to officially launching the space in the coming weeks. The refurbishment has incorporated a
range of contemporary features, which we believe will make the offices an attractive proposition to any organisation seeking a prime Newcastle city centre address.”
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