Newcastle has been establishing itself as one of the UK’s top locations for digital businesses, in January 2020 this was recognised as the BBC selected the city to be its base for its design and technology hub. The digital and creative sector in Newcastle contributes over £1.3billion to the city’s economy and supports over 25,000 jobs with an average salary of £35,000 per annum. The city is reported to be second in the UK for high-growth digital businesses.

In other sectors, Newcastle’s economy is growing rapidly. The city is incredibly forward in the industries that are growing and gaining momentum with knowledge intensive sectors, such as medical science, and tech driving consistent economic growth. Newcastle is one of only 6 designated UK Science Cities and is internationally renowned for its pioneering research and diagnostics. There are also four national excellence centres in the city that focus on sectors such as offshore engineering, life sciences, big data and energy systems.

Newcastle has a tremendous business and professional services sector, with over 19,000 companies operating in the sector and with the third largest concentration of employees working in financial, legal and accounting, in the country.

With a strong academic base and being positioned on the coast, the city has seen accelerated growth of its marine and offshore industries, the sector has registered a 60% growth rate over the past 4 years. The local universities all offer courses in sustainable energy, marine science and other related subjects which are likely to place skilled workers into the local economy, a sector which already supports over 15,000 jobs and is set to grow further. With so many businesses operating in high-value industries and the numbers only set to grow there is set to be further creation of better paid, professional roles which is a positive for landlords who own quality city centre properties.