Cambridge business space sees unprecedented take-up in 2011
1 February 2012
Take-up of business space in the Cambridge area reached an all-time high in 2011, according to new statistics from Bidwells.
Combined take-up of office, laboratory and industrial space reached just under 900,000 sq. ft. in 2011, an increase of around 25% on 2010 figures of 708,000 sq. ft.
Office take up was up from 361,000 sq. ft. in 2010 to 475,000 sq. ft. in 2011, with signs that demand is set to continue well into 2012. In addition to offices, laboratory take up totalled 159,000 sq. ft., a three-fold increase on 2010 levels.
Agency surveyor, Michelle Cantwell said the levels of take up have not been seen in the city for years. "There have been a number of larger transactions this year including 52,000 sq. ft. for Mills & Reeve at Botanic House, 45,000 sq. ft. for Jagex at 220 Cambridge Science Park and 30,000 sq. ft. for Booking.com at the Westbrook Centre".
Bidwells' business space team saw an especially strong finish to 2011 with a myriad of deals including 15,500 sq. ft. to Spiral at 101 Cambridge Science Park, 10,600 sq. ft. to Hawkins on the Science Park, 8,000 sq. ft. to Fahy Gurteen at Cambridge Research Park as well as the investment acquisition of 509 Coldhams Lane let to Carl Zeiss and 6,400 sq. ft. to Spire Medical at Vision Park, Histon.
Bidwells was involved either solely or as joint agents in 71% of the total number of office and laboratory transactions last year.
Industrial take up for the Cambridge area was down slightly on 2010 figures with transactions totalling 244,000 sq. ft., compared with 303,000 sq. ft. in 2010. The majority of this take up occurred in the first half of 2011.
Russell Catley, Industrial agent for Bidwells, said "Industrial take up fell away in the second half of 2011 due to a combination of a lack of available good quality accommodation and a slight softening of demand. Our acquisition of the 5 acre former Rotortech site at Bourn on behalf of the David Ball Group and the letting of 11,000 sq. ft. to JV Trading at Dales Manor, Sawston were two of the more notable transactions in the second half of the year, as well as the investment sale of Beadle Industrial Estate for over £3m."
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For more information contact Alison Robinson tel:01223 559 429 alison.robinson@bidwells.co.uk
