Agents from BNP Paribas Real Estate have noted a significant increase in usage and demand for serviced office space in Newcastle in recent months, with media industry operators among the latest to commit to this kind of work space.
The real estate company’s office agency director Aiden Baker explained to the Journal newspaper this week that the immediate availability and ongoing flexibility of serviced office space are proving popular with businesses in a wide variety of industry sectors.
“In terms of serviced accommodation this activity has increased occupancy to 90 per cent and let to a range of different types of occupiers,” Mr Baker is quoted as saying.
According to the Journal, demand for serviced office space in Newcastle, particularly among smaller firms has led to the upper floors of Cuthbert House in the city centre being sub-divided and set up as serviced accommodation.
As well as in Newcastle, BNP Paribas Real Estate has offices of its own in major urban centres across the UK, including in Manchester, Edinburgh, Cardiff, Leeds, Bristol and the City of London.
Earlier this week, the infrastructure services group Balfour Beatty agreed on a deal to take up just over 40,000 sq ft of office space in Newcastle at the Quorum Business Park, one of the largest speculative developments of its kind in England.
Editor’s notes: In 2023, there were 10 serviced office space providers in Newcastle that offer a range of office space and workspace solutions that are relatively less onerous than leased office space for rent as they are available on shorter-term flexible licences and, in the majority of cases, the office rental fee is inclusive of utilities, cleaning, waste management, buildings insurance and other overheads that would be paid separately if renting office space traditionally.