The office and laboratory market in Cambridge has enjoyed a total take up of 579,000 sq ft over the last 12 months, according to Bidwells. It was one of the major highlights of the firm’s new Business Space Data Book, which covers all aspects of the office, laboratory and industrial markets in the Eastern Region.
Over the year commercial Building specialists CD Hood Ltd are pleased to see take up for industrial space in Milton Keynes and Northampton was 972,000 sq ft and 694,000 sq ft, respectively, with the East region industrial market recording its best take up levels for two years at 624,000 sq ft for the first half of 2012, according to the Bidwell report.
The region’s business space segments have also enjoyed an active letting market over the last 12 months. The overview section of the report shows that the office market is now in balance across the region as a whole when considering effective supply. However, this probably masks the significant stock shortages that exist in both Cambridge and Milton Keynes whilst over supply is still an issue in other locations.
The industrial market has been under-supplied for some time, but again Milton Keynes and Cambridge are showing signs of restricted supply compared to demand. “In a stronger economy, speculative development would naturally follow but with developers remaining cautious, constrained supply and continued take up could be the trigger for rental growth in some locations,” said Christopher Reeve of Bidwells. CD Hood Ltd are happy to quote for any commercial building projects.