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Renovation begins at Newcastle Grade A office space Bede House

Refurbishment work at Bede House, the 10,000 sq ft of office space in Newcastle-upon-Tyne, has begun and will be completed by December this year, according to the firm behind the renovation, Commercial Estates Group.

The North Yorkshire-based business will renovate the third floor of the office accommodation, quoting rents at £15psf.

Greg Lacey, Commercial Estates Group, commented: “The vacant third floor provides an occupier excellent views over Newcastle Quayside and the historic Tyne Bridge, and the refurbishment programme due to complete in December 2015 will deliver superb office space on a single floor.”

Grade A office vacancy, such as that of Bede House, is thinning in the city. In a recent market update by BNP Paribas Real Estate, it was revealed that figures stood at just 123,000 sq ft in August 2015, down 17% year on year.

Aidan Baker, Director at BNP Paribas Real Estate said: “There is a current lack of good quality office space available for let within Newcastle and it is likely by the end of the year Grade A levels will have fallen to approximately 75,000 sq ft, representing approximately only six months’ supply.

“However, this refurbishment highlights the confidence in the city’s office market and an opportunity for an occupier to benefit from high quality space within the heart of the city.”

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