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Newcastle city centre office costs rise

Office costs in Newcastle city centre have risen in the first half of 2013, say property advisory firm, BNP Paribas Real Estate.

The report, which focuses on a high level view of rents, rates and service charges for Grade A offices across the city over the first six months of the year, highlighted that costs rose in Newcastle by 3% to £33.50,.

In contrast, the out of town office market witnessed a fall in costs of 1.7% to £26.50.

Aidan Baker of BNP Paribas Real Estate’s Newcastle office, comments: “Looking forward, Grade A city centre availability will continue to tighten with several large requirements likely to secure space during the rest of this year, following the recent lettings at Wellbar Central.

“The out of town market will continue to remain well supplied with a wide array of grade A space available. There is also the potential for a small rise in city centre headline rents in 2014, as a result of improving conditions in the UK economy and ongoing falling city centre grade A supply levels.”

This was posted in Bdaily's Members' News section by BNP Paribas Real Estate .