Record rent set for Cambridge
In an off market letting, £16.50 per sq ft was achieved on 25,000 sq ft at Coldhams Business Park. Ridgeons took a 20 year lease to relocate from a residential site in central Cambridge.
This represents a staggering 245% increase on the previous rent on the unit.
Largest commitment to speculative development in more than a decade
Two new speculative schemes have been brought to the market in the first half of 2017, the most significant developments in the Cambridge market in more than a decade.
M&G Real Estate have funded the largest scheme at Buckingway Business Park, Swavesey for £22m, where four units totalling 155,000 sq ft are under construction, with completion due in Jan 2018.
The second scheme is Rockspring/ XLB’s Enterprise 5000 at Cambridge Research Park, which will provide 75,900 sq ft across nine units. Completion is due in Jan 2018.
Pre lets flourish across Cambridgeshire as supply shortages continue
Supply shortages across Cambridgeshire has led to a number of forward commitments to purchase or pre lets of new industrial units by occupiers.
Gateway Peterborough saw the two largest transactions, with Smart Garden purchasing a 250,000 sq ft logistics hub for £18m and Kingsley Group taking a 150,000 sq ft unit. In addition, Thorlabs have signed up to a 110,000 sq ft pre-sale and Cambridge University a 60,000 sq ft unit at Lancaster Way Business Park, Ely. A further 20,000 sq ft was pre let to MKM Building Supplies at Haverhill Business Park.
Greater Cambridge Partnership launches Rapid Mass Transport options study
In its inaugural meeting the Greater Cambridge Partnership (formerly the Greater Cambridge City Deal) agreed to fund a report into alternative transport options for the city and surrounding areas.
The report will examine the most viable options for future underground or overground rapid transport modes including, Light Rail, Monorail, Bus Rapid Transport and any alternatives identified by the consultants.
Lack of quality stock on the market holds back activity. More than 50% of supply in poorer quality space
H1 take up at 120,700 sq ft within 10 miles of Cambridge with 72% of activity in poorer quality stock
£12 per sq ft Prime industrial reaches new peak
£12 per sq ft
Prime industrial reaches new peak
New developments are attracting strong interest with occupiers vying for space
Demand at highest level since 2007, with 1.9m sq ft of requirements
Increase in prime industrial rents since 2013