PROPERTY FIRM REPORTS SURGE IN NORTH EAST COMMERCIAL MARKET
The region’s leading chartered surveyors and estate agents has reported a surge in commercial property sales, acquisitions and lettings in the North East.
Bradley Hall has revealed that commercial activity undertaken by its head office in Hood Street, Newcastle, increased by more than 50% in 2017 year-on-year.
Neil Hart, group managing director for Bradley Hall and BH Group, said: “Throughout 2017 we saw a surge in commercial property activity. Newcastle and surrounding areas are emerging as national hot spots thanks to the vibrancy and development of the city. Its popularity is also supported by the fact it has one of lowest occupational costs of all the major UK regional cities.
“Our region’s capital is currently a hub of activity which provides us with confidence that this period is set to continue. We’re working on a range of exciting projects and are looking forward to what 2018 will bring for Newcastle and the North East.
“Thanks to the region’s economic climate, take up of traditional office stock was at its highest in three years during the third quarter of 2017, and demand is continuing. Due to this, we predict that office rents will steadily increase due to a lack of new stock, alongside a retail rent rise in prime locations as the industry picks up again.
“This year has already got off to a flying start as we are ahead of last January’s total activity already, and we are confident that this trend will continue throughout the year.”