The Cambridge office market is well placed as the property market starts to bottom out and begin a slow recovery, according to Bidwells latest commercial data book. Whilst Grade A availability has reached its highest point since 2005 and currently stands at 343,000 sq ft, there is a shortage of space in the more popular Cambridge locations. With little new speculative development, Bidwells believes this means that Cambridge will avoid the large slump in rental values that is often seen in a downturn.
The only office building currently under construction in Cambridge is the 40,000 st ft Broer's Building at The West Cambridge Campus, where 7,700 sq ft has been let to Nokia and completion is due in November this year. A development at the Cambridge Biomedical Campus with potential to provide more than 2 million sq ft of space has received planning permission. “Whilst it is too early to call the end of the recession, demand is increasing,” says Harvey Bibby, head of office agency, Bidwells Cambridge.
Other significant deals in the past year include: the Primary Care Trust have taken 23,000 sq ft at Lockton House; One Spatial have taken 11,000 sq ft at Cambridge Business Park; Ricardo have taken 18,000 sq ft, Abcam have expanded and taken approximately 25,000 sq ft and Frontier Developments have taken an additional 10,500 sq ft, all at the Cambridge Science Park.