Cambridge’s economy is dominated by services, accounting for over 80% of industry, so this latest news will only serve to strengthen an already robust market. The issue facing Cambridge is a lack of available office space, especially within the City.
Office take-up is expected to reach record levels this year off the back of a buoyant tech sector. This has pushed up rents and led a real shortage of quality accommodation. With limited new development in the pipeline the situation is set to get worse with companies likely to struggle to find the space they need to expand.
Major new office lettings in Cambridge, such as AstraZenica’s new global R&D centre to be built at the Biomendical Campus, will only increase the City’s international profile. We can expect more global firms to follow suit resulting in more pre-let activity, and of course growth in the businesses required to service them.
Director Barker Storey Matthews