The area around Cambridge is situated in the Oxford-Cambridge Innovation Arc. It is renowned in the UK for start-ups, and small and medium sized businesses in the advanced technology sectors. Cambridge was recently named the UK’s second most innovative city.
Over the last 10 years, Cambridge has had employment growth of 17.6% compared to the UK average of 11.3%, and unemployment rates of 2.9% compared to 3.1% for the UK.
The owners of Cambridge Innovation Parks are expanding what they offer, encouraged by the success of their first business park and the current favourable market conditions:
- Their first 10 acre business park to the north of Cambridge opened in 2012 and has achieved average occupancy of 95%.
- Supply of quality office space remains highly constrained in the Cambridge area and demand remains robust. At the end of 2019 office supply was running at around 9% availability and rents had risen by 12%. Prime office yields remain keen at 4.5%.