Cambridge office take-up rose by 25% this quarter as small deals kept the city afloat, according to figures from Bidwells.
Total office take-up for the quarter reached 131,000 sq ft against 104,000 sq ft in Q1.
But take up of grade-A space slipped dramatically in the first half down by 80% from 129,000 sq ft in the second half of last year to just 24,700 sq ft.
Agents have worked hard for their fees with 65 deals transacted, the majority in the sub-10,000 sq ft bracket, which accounted for 60% of the total.
The largest deal of the year so far was to technology firm Velocix, which signed for 15,000 sq ft at the Symbion building in Milton on the north side of Cambridge.
Rents remained static at £30.50 per sq ft after a 9% leap last year led by Microsoft’s 84,000 sq ft letting at CB1.
Saul Western, partner in Bidwells investment team, said: “In a complete contrast to last year there have not been any whoppers so far; it’s positive that the smaller companies have the confidence to move with all the mayhem out there but you do like to see one or two big deals in a market.”
The city enjoyed a record year in 2011, stacking up 468,000 sq ft of take up with Microsoft and Mills and Reeve’s deals accounting for nearly a third of the total.
Key lettings in the pipeline that agents hope will rally figures in the second half of the year include Spicers’ 23,000 sq ft letting at Building 1000 at Cambridge Research Park ,which has exchanged, as well as Mott MacDonald, which is taking a 44,000 sq ft prelet at CB1.
Citrix, Cambridge Silicon Radio and ARM all have lease event driven requirements out in the marketplace, which could deliver more than 300,000 sq ft of deals.
Nadia.Elghamry@estatesgazette.com
