Office rent in Oxfordshire has shot up an eye-watering 24.3 percent in a year, with Bidwells’ latest research suggesting the need to fast-track new office and laboratory space to fulfil the explosion in demand from growing technology companies. Bidwells recorded more than 1.1 million sq ft of office and laboratory space being sought in Oxfordshire – another all-time high – with just 569,500 sq ft of space available, less than was on offer at the end of 2018.
David Williams, Partner, 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 sq ft 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.
“The forthcoming West End Area and Osney Mead will also give Oxford a world-class innovation quarter. In the short term, however, we are focused on delivering laboratory projects to serve the multitude of early stage spin out companies.”