Oxford offices outperform UK
Suzanne Lovell
In the recent article published by Costar it was announced that Oxford offices outperform the rest of the UK.
The article said "Oxford prime office rents have grown at twice the rate of UK offices as a whole over the last two years - the standout figure among a series of record-breaking figures Oxford's business markets, reports Bidwells.
Prime office rents in the area have grown by 21.7% since the end of 2014 to a record high of £28 per sq ft (end 2016) - twice the average growth of IPD all office rents which have grown by 10.8% during the same period, while IPD South East region office rents have risen by 6%, Bidwells reports.
Furthermore, take up over the last four years has averaged 260,000 sq ft per annum compared with the long term average of 200,000 sq ft per annum.
David Williams, Partner in Bidwells' Oxford office said: “This data confirms the exceptional activity currently taking place in the Oxford area market, where quoting rents for prime offices have now actually hit £31 per sq ft this year.
“Fuelled by this activity, Bidwells currently has 1.5m sq ft of new office and R&D developments along A34.”
Elsewhere Grade A Industrial availability stands at only 1% of total stock while there has been an 8.6% pa growth in prime industrial rents in the Oxford area over the past three years.
Second hand rents have risen 18.4% since the end of 2014 while take up for industrial stock in the Oxford area has increased by 26% over the previous year, rising to 302,400 sq ft
Take up of offices in the Oxford area was 125,700 sq ft (December 2016). Bidwells reports that requirements for office space is at 447,700 sq ft.
Bidwells adds: "The clear on-going demand for space and the levels of growth has shown that at present the referendum to exit the EU has done little to dampen the appetites of those wanting to move to the county or upgrade to larger premises.
Bidwells' research also reveals that Oxford and Cambridge are the two "most vibrant cities in England" according to a new index compiled by Grant Thornton. Both cities were ranked above all London boroughs and the other major cities and towns in England."
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