Cambridge Soars

While the majority of towns and cities in the UK have struggled through the recession, Cambridge appears to have bucked the trend with a good flow of lettings and rising rents. This has proved rewarding for Juniper Estates, a firm set up two years ago. Juniper’s Mike Ayton said: “The city centre market has been resilient and the stock shortage has meant a rise in rents.” This is demonstrated by the example of Microsoft paying £317.42 a sq.metre (£29.50 a sq.ft.) on Brookgate’s new building in Station Road.

What is even more impressive is that some refurbished space lets for £301.28 a sq.metre £28 a sq.ft.), figures rarely reached anywhere in the UK. The future trend of rents also appears to be upwards with Pace Investments seeking £349.70 a sq.metre (£32.50 a sq.ft.) for its speculatively built 4,645 sq.metres (50,000 sq.ft.) New Botanic House on Hills Road. According to Ayton, the outlook for the out of town business parks is also favourable with two new schemes seeking £285 a sq.metre (£26.50 a sq.ft.) and the relaunch of the 42,000 sq.ft. HQ da Vinci Building at Melbourne Science Park. Last year’s take up in Cambridge was a respectable 41,805 sq.metres (450,000 sq.ft.).