The Oxford-Cambridge Arc has the potential to create up to 1.1 million new jobs by 2050 if the new infrastructure needed is delivered, according to research from Savills. It says an additional 9.6 million sq ft of office and R&D floorspace and 69 million sq ft of warehousing will be needed to facilitate the growth. The pharmaceutical, cyber security, automotive and biotech sectors are likely to remain the leading growth sectors.
And whilst Oxford and Cambridge continue to attract the largest share of private equity and venture capital investment, new floorspace in Bedford and Milton Keynes – where a new university is opening in 2023 - should widen the distribution. Funding in the region has risen from £10.2 billion in 2018 to £27.4 billion to the end of the third quarter 2019 and venture capital investment has risen from £861 million to £1,076 million over the same period.