DTZ has secured the top spot in EGi’s Newcastle office league table finding tenants for more than 107,000 sq ft of space.
The agent comfortably outperformed its rivals, disposing the most office space for the second year in a row. It transacted more deals than anyone else and was also involved in the biggest – the sale of the former PricewaterhouseCoopers building at 89 Sandyford Road to Newcastle University.
DTZ has since rebranded following its acquisition of Cushman & Wakefield. The data relates to 12-month period ending in August 2015 prior to completion of the takeover.
The wider picture is of a market still in tentative recovery. Total space sold or let was up slightly on the previous 12 months but the average size of deal has fallen, suggesting agents are having to work harder to let space. It is a problem exacerbated by a clear shortage of quality stock in the city centre, which is helping create a relatively thriving out of town market in developments like Quorum and Cobalt.
Only one deal (the aforementioned 89 Sandyford Road) broke the 20,000 sq ft mark. The largest letting came in just shy of this, with iparadigms taking 19,775 sq ft at Wellbar Central through Knight Frank and Gavin Black.
Meanwhile, Lambert Smith Hampton saw a charge up the rankings thanks in large part to its acquisition of Storeys Edward Symmons at the start of the year.
