It will come as no surprise to see that Bigg Market's vacancy rates are on the low side and rising. A walk through the area reveals seemingly endless for sale & to let signs.
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Table A: Vacancy rates within the Bigg Market since 2014
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(Source: NE1, 2014)
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From looking through the Newcastle City Council’s commercial property vacancy level data, there were 94 empty properties as of April 2016, compared to only 74 empty properties in April 2014, meaning that the vacancy levels are on the up. From speaking to Adrian Waddell, a NE1 director, the hope is that this scheme is already having a profound effect on interest in business in the area, with property owners buying large corner plots of empty buildings to convert into flats for the rental market. Plans have already submitted for the conversion of one of the buildings on Bigg Market to be turned into flats as part of plans to regenerate the area.
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Questions for you!
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If you were looking to open up your own small independent retail unit in the Bigg Market, what would you open and why?
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Would you consider living in the Bigg Market?
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The vacant situation
