Commercial Units to Let in Newcastle

Business character

The public sector and health are the biggest employers. Newcastle Hospitals NHS Foundation Trust has around 16,500 staff and a £1.7 billion budget across the Royal Victoria Infirmary and the Freeman, Newcastle University employs over 6,400 academic and administrative staff and teaches 27,000 students on its city centre campus, and Northumbria University sits beside it. Central government is a growing presence: HMRC's move to Pilgrim's Quarter will be the largest of its regional centres, and it joins DWP Digital's long-standing base at Benton Park View, Longbenton, which is itself due to move to 1 Pilgrim Place by the end of 2027. The private sector is led by consumer and financial brands that grew up here. Greggs, founded in Newcastle in 1939 and now employing 33,000 people, runs its head office from Quorum Business Park; Virgin Money, now part of Nationwide, is headquartered at Jubilee House in Gosforth; Bellway, one of the largest housebuilders in the country, is based in the city with around 2,700 staff; and Fenwick's flagship department store and head office are on Northumberland Street. Technology and software are strong, with Sage at Cobalt Park, Ubisoft's Reflections studio and a cluster of digital and creative firms in the Ouseburn Valley, the former industrial valley east of the centre that the Ouseburn Trust has regenerated since 1996. Offshore energy and marine engineering carry on the river's shipbuilding tradition at Walker. Other significant employers include Department for Work and Pensions (Pilgrim Place), Newcastle Building Society (head office, Cobalt Park), Ubisoft Reflections, Newcastle City Council and Baker Hughes (Neptune Energy Park).

Transport & connectivity

• Motorway: A1 (Western Bypass) and A167(M) (Junction A1 J74 Scotswood, 3 miles)
• Nearest rail: Newcastle Central (161 min to London)
• Airport: Newcastle International (8 miles)
• Key A-roads: A1, A19, A69, A167(M), A1058 (Coast Road), A186, A695, A696, A189

Market context

Newcastle's office market has just had its strongest run in a decade, driven by the civil service. Take-up in 2025 reached about 800,000 sq ft across the city centre and out-of-town markets in 160 deals, with the city centre outperforming the business parks for the first time. The prime rent is around £32 per sq ft, up from £26 at the end of 2021, and agent research expects it to stay close to £32 until new buildings arrive around 2027. Good-quality refurbished space in Grainger Town and on the business parks lets for much less, with serviced rooms and studios from around £100 a month. Industrial supply is tight across the North East: the prime rent for large warehouses in the region was about £8.25 per sq ft in the third quarter of 2025, the lowest of any English region, while average asking rents for industrial units in Newcastle are around £6 per sq ft. Small workshops and containers are let on inclusive monthly rents. Retail is concentrated in a compact centre: Eldon Square, with 1.35 million sq ft of space and 35.6 million visitors a year, is in the middle of a £65 million programme to bring in more leisure and hospitality, and the council is spending £50 million on the streets around it. Most smaller shops are let at an all-in annual figure.