Q2 2026 — North East
Office Market Update
INTEL
DATA
FORECAST
0191 649 8924
20,185 SQ FT LETTING AT 1 CITYGATE, NEWCASTLE TO ARUP AT £28.00 PSF
6,738 SQ FT LETTING AT WELLBAR CENTRAL, NEWCASTLE TO HARGREAVES LAND AT £29.50 PSF
Total Take Up (sq ft), by Quarter
Other Key Deals
01
Cobalt 9, North Tyneside - 102,500 sq ft sale to Northumbria Police at £50.00 psf
02
3rd floor, Axis Building, Team Valley, Gateshead - 10,000 sq ft letting to NOV Ltd to £17.15 psf
03
Gainsborough House, Newcastle - 2,181 sq ft letting to Clive Owen at confidential rent
Q2 2026 Summary
North East Take Up
City Centre:42,555 sq ft
*Q2 2025: 45,628 sq ft
Out of Town:168,532 sq ft
*Q2 2025: 97,576 sq ft
Average Deal Size
City Centre:3,546 sq ft
*Q2 2025: 3,802 sq ft
Out of Town:3.001 sq ft
*Q2 2025: 3,478 sq ft
Number of Deals
City Centre:12
*Q2 2025: 12
Out of Town:23
*Q2 2025: 27
Availability (000 sq ft)
Prime Headline Rent (£ psf)
North East Under Construction
96,357 sq ft
Following the completion of Bank House and the successful 173,245 sq ft pre-let of 1 Pilgrim Place to DWP, 2 Pilgrim Place is now on site and due to complete by 2027, providing a further 96,357 sq ft of Grade A office space.
Elsewhere in the North East, Landid have built 153,000 sq ft of high specification city centre office space at Sunderland Riverside, known as ‘Maker & Faber’.
2026 Forecast
£35.00 psf
Prime Office Yield
8.5%
Office Agents
This report is published by Parker Knights Limited for general information only and not to be relied upon in any way.
