Bidwells' summer 2019 offices and labs research found prime rent levels hitting another new high of £45 per sq ft.
Office rents rose £3.50 per sq ft in the first half of 2019 after the city experienced the busiest six months of letting activity since 2016.
Bidwells is predicting that prime office rents in Cambridge will hit £50 per sq ft over the next five years.
Other key findings include:
- Prime office rents have risen 28.6% since the end of 2015, representing 7.4% p.a
- The largest transaction in H1 2019 was the 61,026 sq ft pre let to DisplayLink at 22 Cambridge Science Park
- Office availability increases both in town and out of town, rising to 746,000 sq ft overall
- Grade A office supply accounts for 36% of total stock on the market
- Combined office & laboratory availability rate of 10.7% H1 2019
- Grade A office supply accounts for 36% of total stock on the market
Dick Wise, Head of Business Space Agency at Bidwells said:
“These latest figures demonstrate that this sustained global competition for space means the Cambridge market is now entering a ‘new reality’ in which well-located buildings are pre-let and occupied as soon as they are available.”
Download our research paper to find out more:
28.6%
£50 psf
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