Rents in Oxford have risen to a new high of £40 per sq ft after availability dipped to a ten year low of 6.3%, Bidwells' summer 2019 research has found.
Bidwells is now predicting that city rents will reach £48.50 per sq ft by 2024. That’s a jump from £23 per sq ft at the end of 2014.
Other key findings include:
- Demand for Oxford office and laboratory space has remained strong, with 905,000 sq ft of requirements
- The largest transaction in H1 2019 was the letting to Osler Diagnostics (15,500 sq ft) at King Charles House in the city centre
- Prime office rents grew 14.3% over past 12 months
- Supply fell to its lowest level in a decade, falling to 516,800 sq ft
- Shortages of grade A stock has prompted increased development/ refurbishment activity with 140,000 sq ft under construction
David Williams, Partner Business Space Agency at Bidwells, in Oxford:
“The demand, take-up and rental data is largely dictated by the availability of stock, so in a sense we have a ‘glass ceiling’ and the true latent demand will be visible when we break through this.”
Download our research paper to find out more:
For prime office rents in H1 2019
Availability rate dipping to a ten year low
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