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.
New PM Boris Johnson used his first speech outside No 10 to deliver an energetic new narrative around the UK economy. Those listening with an interest in Oxfordshire and science and technology will have sat up a number of times, writes Head of Oxford, Richard Todd.
The latest offices and labs research conducted by Bidwells found rent levels hitting another new high for the city. Prime office rents rose £3.50 psf in the first half of 2019 to a new peak of £45 psf after the city experienced the busiest six months of letting activity since 2016.
Offices and labs take up in Oxford and Cambridge has averaged 1 million sq ft per annum over the past three years, with almost 75% of this occupied by knowledge-based companies, finds Bidwells Research Director Sue Foxley.