Oxford office demand reached a record high in 2019, shrugging off economic and political uncertainty. Bidwells' latest research reveals a fall in the Oxford office availability rate to 7% and 1.1 million sq ft of requirements, pushing prime rents to a new record high.
Oxford faces a record level of 1.1 million sq ft of office space requirements going into the new decade. Despite a challenging year from a wider economic and political front, the market saw take-up pick up towards the year end, comforted by greater certainty.
The early days of the general election campaign saw several overdue announcements in support of science and technology research. But places like Cambridge and Oxford played a bit part in the national debate...
Combined office and laboratory take-up exceeded 0.8 million sq ft in 2019, the highest total since the record highs recorded in 2014/15 when AstraZeneca agreed its new global HQ and R&D centre space adjacent to Addenbrookes hospital on Cambridge Science Park.
Bidwells has released its Spring 2020 Cambridgeshire offices and laboratories research, which shows a strong year for the city, with take-up well ahead of ten year average at 0.8m sq ft - the highest total since the record highs recorded in 2014/15.
Bidwells launches its latest Our View on Offices and Labs research. Bidwells estimate 22% of the UK’s science park space is located in the Oxford-Cambridge Arc. Take up in the office and laboratory markets continue to exceed historic trend levels, with an increasing proportion of this space absorbed by knowledge intensive businesses.
Despite London continuing to dominate Europe’s tech investment activity, take up in the London office market fell below trend for the first time in two years, driven by stock shortages. In the West End supply now stands at its lowest level in a decade.
Norwich saw availability fall to 4.5% during H1 2019; its lowest level since 2007. Take-up remains at trend levels but the shortage of new floorspace coming forward is taking its toll on occupier choice in the city, particularly for Grade A space.
The first half of 2019 saw the availability of offices in Milton Keynes fall to its lowest rate since 2017. The pace of take-up over the last 12 months reflects the city’s continued status as the UK’s fastest growing economy driven by further productivity improvements associated with the expansion in high growth business sectors.