- 1 Minute Read
- 03rd May 2013
Cambridge office market remains a UK hotspot
The Cambridge office market is one of the UK’s hotspots for growth, according to a recent report by Lambert Smith Hampton, the commercial real estate consultancy.
Cambridge exhibited one the strongest performances in the UK in Q1 2013, achieving record office rents and seeing the second highest take-up in the last ten years.
According to Lambert Smith Hampton’s figures, the Cambridge market saw increased demand - especially for Science Park space – with a significant amount of occupational transactions reducing office availability by 12.3% to 943,003 sq ft.
Demand was led by the professional services sector, seeing the highest levels of take-up in Cambridge for eight consecutive years – a market first.
39% of take-up in Cambridge Q1, 2013 came from businesses in TMT and pharmaceutical sectors.
A new rental record of £32.5 sq ft was attained for a pre-letting of 44,150 sq ft at Twenty Two Station Road, CB1 to Mott McDonald, the European engineering consultancy.
A large office relocation by pharmaceutical giant, AstraZeneca who took 650,000sq ft for their new research and development headquarters, saw demand levels in Cambridge increase dramatically.
Take-up in Cambridge was predominantly seen in out of town locations, which accounted for 58% office residences, equating to 76,625 sq ft.
Only 17,106 sq ft of Grade A office space is available in Cambridge city centre, with a further 9,030 sq ft set to come onto market upon the imminent completion of refurbishment works at 90 Hills Road.