As the tech sector and associated businesses rise to the pressures and opportunity presented by the new reality of COVID-19, there was, inevitably, going to be a real world impact of the virtual change. This has been exemplified in the Milton Keynes office market. Read our blog to find out more.
Oxford, Cambridge and Milton Keynes have taken a central role in the fight against COVID-19, with science and tech a key driver of this continued activity. Read our blog discussing business activity across the Arc, the future science and tech hotspots, and the importance of collaboration in our knowledge economies.
The pandemic inevitably had an immediate impact on the London office market, as requirements were placed on hold. But, having entered the crisis from a robust position, the West End market has the capacity to work through the longer term implications of the ‘new normal’.
The Milton Keynes office market saw take up return to trend levels during H1 despite the pandemic disruption. SME activity has remained strong and those businesses seeking larger floorplates face a challenge with the supply of Grade A space standing at a 15 year low.
Activity continued throughout lockdown in Cambridge and 145,000 sq ft of space was under offer at the end of H1. Robust demand from SMEs in particular is expected to drive an increased pace of take-up in H2.
The Oxford-Cambrdge Arc has established a critical mass which is gaining momentum, with the core science, technology and engineering locations of Oxford, Cambridge and Milton Keynes reinvigorating the wider region. These three local economies have been very important in determining the success of the Arc over the past five years.
Bidwells launches its latest Our View on Offices and Labs research, Spring 2020. Take up across the Oxbridge Arc was 1.4m sq ft in 2019, above the 10 year average, bolstered by a particularly strong year of activity in Cambridge (805,000 sq ft).