DEMAND continues to outstrip supply in the prime Newcastle office market, according to GVA Grimley’s Regional City Centre Office Markets Report.
Take- up of the city’s grade A office space strengthened slightly in 2008, with 55,000 sq ft let during the year compared with 50,000 sq ft in 2007.
Newcastle continues to have an under-supply of new offices in its city centre.
Only 99,000 sq ft of grade A space is immediately available in four separate schemes, a slight increase on the 60,000 sq ft a year ago.
The new office space under way at schemes such as Wellbar Plaza and Downing Plaza, scheduled to complete this year, will add only 120,000 sq ft to the total available grade A space.
Construction activity has halved in 2009 from 2008.
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