Oxford

Oxford has finished off a spectacular year with another strong quarter, with 82,000 sq ft let in the final three months of the year. The deal of note was a pre-let of Unit 3 at Oxford Technology Park to The Native Antigen Company. Whilst they will initially occupy 35,000 sq ft of the 49,000 sq ft building, they will extend into the remaining space. Magdalen College’s Bellhouse Building which completed in July has enjoyed early success, securing three deals of around 5,000 sq ft to Science and in particular Biomed related occupiers this quarter.

Take-up figures for 2020 totalled 237,000 sq ft, which is 64% higher than 2019 and a five-year high up 67% on the five-year annual average of 142,000 sq ft. The Science sector has contributed to 60% of the overall take-up last year, which is due to the fight against Covid-19 and Oxford’s recognition globally as one of the most influential centres for science and technology.

With limited Grade A supply, and only around 12,000 sq ft available in the town centre, there will be continued competition for the best space that will keep upward pressure on rents, but the lack of existing supply and pipeline will reduce take-up in 2021.

Q4 TAKE-UP

Town Centre

0 sq ft

Out of Town

82,740 sq ft

Grade A: 64,800 sq ft

Grade B: 17,670 sq ft

ANNUAL TAKE-UP

OXFORD VACANCY RATES Q4 2020

3.1% 4.1%

HEADLINE RENT

Town Centre

£46.75 per sq ft

Out of Town

£35.00 per sq ft

KEY SECTOR ACTIVITY

Science

64,800 sq ft (78.6%)

Education & Training

17,674 sq ft (21.4%)

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