Oxford was one of the fastest growing economies in the UK in Q1 2017
Oxford’s economy grew by 2.5% in Q1 2017, compared to the same quarter in the previous year. The growth for the UK as a whole was 2.0%, placing Oxford as the third fastest growing economy after Cambridge (2.9%) and Milton Keynes (2.8%).
The Oxford economy has an estimated GVA of £8.2bn, with one of the fastest growing private sector workforces across all UK cities.
BMW pledges to build new e-Mini at Cowley
The decision to build the new fully electric version of the Mini at Cowley has been made despite the UK’s vote to leave the EU.
The BMW plant in Cowley employs 4,500 workers and is one of the largest employers in the Oxford area.
Production of the e-Mini will commence in 2019, securing the future of production at the plant, which produces the majority of the 360,000 Mini’s produced each year.
Oxford Growth Board identifies £9bn infrastructure requirement to support growth
An independent report commissioned by Oxfordshire’s six councils has estimated that the county requires investment of £9bn in infrastructure to support the growth in the county.
Major investment projects include; improvements to the A34 and A40, redevelopment of Oxford station, the development of rapid bus routes to key locations in addition to investment in the ‘Varsity rail route.
New speculative scheme commences at db Symmetry site in Bicester
Construction commenced on a 110,000 sq ft speculative unit at Symmetry Park Bicester in Q2 2017 following the presale of an 88,000 sq ft unit to Bentley Designs. The new unit is expected to be completed by the end of the year.
The site has outline consent for an additional 477,000 sq ft, with the remaining units available on a pre let basis.
Take up at its highest level since 2013, with activity of 221,000 sq ft in h1 2017
Prime rents rise to a new record level of £10.75 per sq ft as demand for space increases
72.9% Reduction in supply since 2014
Reduction in supply since 2014
Demand increases to 2.1m sq ft as requirements for larger units
Grade A supply stands at 154,000 sq ft with the largest unit (90,400 sq ft) at Milton Park
Growth in prime rents since 2014