Voice of the Region: North East – How A-Grade set the standards

Newcastle has redrafted its office offering with a much stronger focus on amenities and environmental performance and is finding occupiers are willing to pay healthy rents in return, according to Parker Knights founder and director Michael Downey.

Despite only launching last year, Parker Knights is the highest placed regional agent in the Radius On Demand Rankings for offices in the North East, with 50,207 sq ft transacted so far this year. It is also the top regional player in the Newcastle office rankings, with 20,424 sq ft let or sold in 2023.

Downey believes build costs are thwarting a lot of development in the region but he says tenants will still pay for the correct offering. He also points out there are now Grade A office offerings in Sunderland and Durham, meaning Newcastle is no longer the only game in town for the wider region.