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Cambridge has strong credentials for growth. An ecosystem of science and technology has developed, with the sector accounting for 70% of take-up in 2020. The clusters north and south of the city have recorded strong activity, headed by the letting of 93,000 sq ft at Cambridge Science Park to MathWorks. Brockton Everlast, who outbid an extensive list of interested investors, acquired 214-240 Cambridge Science Park from L&G in Q1 2021 demonstrating investor appetite.
The shortage of laboratory and lab-enabled offices has spurred Abstract to submit planning for the first phase of Cambridge International Technology Park. The scheme spans 15 acres to the east of the city centre, where phase 1 will comprise 105,000 sq ft, with a further 400,000 sq ft remaining. The prime location in the city centre is Station Road, where Brookgate and Aviva have agreed pre-let’s with Apple and Fora.
City centre rents are circa mid/late £40s per sq ft and have room to grow. Rental growth is forecast for peripheral locations too, albeit because of the use mix (laboratory, office and hybrid space) benchmarking values is difficult. Latent demand of between 400,000 sq ft and 800,000 sq ft remains meaning further rental growth can be expected.
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