The Oxford-Cambridge Arc has the potential to create up to 1.1 million new jobs by 2050 if the required new infrastructure is delivered, according to new research from Savills. An additional 9.6 million sq ft (891,869 sq m) of office and R&D floorspace, plus the delivery of 69 million sq ft (6.410 million sq m) of warehouse accommodation will be needed to facilitate this growth.
Geographically the arc covers more than 26 district and unitary authorities and five Local Enterprise Partnerships and includes towns and cities such as Milton Keynes, Northampton, Bedford, Luton, Aylesbury, Oxford and Cambridge.
At present, Oxford and Cambridge remain the driving force, however new infrastructure is likely to draw significant investment to both Bedford and Milton Keynes alleviating pressure on the two historic ends of the arc. Already home to several clusters of world leading industries, there is significant potential to realise further synergies by enhancing the connectivity of the region.
This growth is likely to be driven by sectors that have attracted considerable investment in the past five years, most notably pharmaceutical, cybersecurity, automotive and biotechnology. Savills notes, that whilst Oxford and Cambridge continue to attract the largest share of private equity and venture capital investment, the delivery of floorspace in locations such as Bedford and Milton Keynes means there should be a wider distribution in the future.
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