20 March 2020 | Prithvi Pandya
Office rents in Oxfordshire have risen by 24.3 per cent over the past year, according to research by property consultant Bidwells.
Bidwells recorded more than 1.1 million square foot of office and laboratory space in Oxfordshire and found that only 569,500 square foot of space was available, which was less than at the end of 2018.
David Williams, partner at Bidwells, said: "Ensuring the world's best can flourish in Oxford is critical for our region's economy, but ensuring an adequate supply of correctly located offices and research labs is equally important to ensure our most successful businesses can develop and expand in Oxfordshire. There is now just 173,000 square foot of grade A space available to expanding businesses.
"We are emerging from a period where demand has outstripped supply, but we are now entering a new and exciting stage in Oxford's evolution as major new campuses like Oxford North and regeneration projects in the city centre deliver significant floor space. There is no shortage of interest in Oxford.
Total Oxford office take-up for last year was 225,300 square feet, with science and technology businesses taking 60 per cent of lettings by floor space. Of those still seeking space, half of requirements by size are for space of more than 30,000 sq ft.