Falling deal sizes in Cambridge were less a sign of agents failing to do their homework than of a market returning to normal after the massive 715,000 sq ft letting to AstraZeneca in the second half of 2013. The deal to the pharmaceutical giant boosted last year’s league tables, but take-up levels are now similar to those in 2012.
The top four agents retained their respective positions in EGi’s league table, with Bidwells again the star pupil, moving more than 250,000 sq ft of space, 30% more than Savills.
Despite this, deal volumes were down by one-fifth on last year, as agents struggled to find space for tenants in an increasingly tight market. Even if a hypothetical deal the size of AstraZeneca’s was added to this year’s total, transacted space was still down more than 20%.
As a result, it was the boys at the back of the class who made the biggest stir, with Cheffins more than doubling its deal and space volumes, and January’s slipping only one place after being bought by Carter Jonas at the start of the year.
| Report card | 2015 | 2014 |
|---|---|---|
| Total space transacted | 571,000 | 1,800,000 |
| Average deal size | 3,500 | 8,600 |
| Total number of deals | 165 | 211 |
| Declining grades | % change | |
|---|---|---|
| Total space transacted | -69 | |
| Average deal size | -60 | |
| Total number of deals | -22 |
Largest deals
63, 615 sq ft
• The letting of Building 9000 at Cambridge Retail Park to Sepura, with Bidwells and Juniper RE acting on the 63,615 sq ft building.
• The 60,000 sq ft lease at Chesterford Research Park by Savills to BioFocus.
Star pupil
34,871 sq ft
• Cheffins, transacting 34,871 sq ft of space, and doubling its number of deals from 14 to 28, meaning it rose up the table from 10th to fifth.
Room for improvement
• Savills and Juniper Real Estate maintained top three positions despite seeing their deal volumes fall by 53% and 40% respectively.
