OUTLOOK
Newcastle
Newcastle’s property market has always been a popular choice with tenants and investors, reflecting the many strengths of the city.
However, like many of our core cities, it has embraced the need to change and diversify to strengthen its offer in the face of structural and cyclical headwinds. Part of the attractiveness is its highly educated workforce and the city has drawn upon the world-leading research of its universities to create more diverse and innovative opportunities.
Economy
Newcastle’s economy will grow significantly more over the next five years than the wider North East. This outperformance will be driven by robust growth in the services sector, particularly knowledge industries and the leisure sector.
Offices
Newcastle is the largest city by population and the main office location in the North East. It is an important regional centre for financial sector, business services and Tech Media Telecoms (TMT) firms.
Retail
A strong retail offer which is being rejuvenated through investment and centred around two large shopping centres, Eldon Square and Metro Centre.
Industrial
Newcastle is the commercial hub of the North East and a key manufacturing centre which will help support industrial take-up.
Residential
Newcastle’s residential development focus is shifting back toward the city centre, following significant release of greenfield sites in the 2015 Local Plan. Whilst this presents a more sustainable outcome, it is a more challenging environment for housing delivery.
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