Tech firms drive demand for more space in Oxfordshire
PUBLISHED: 14:44 20 February 2018 | UPDATED: 14:44 20 February 2018
A review of the commercial property market has revealed an increasing demand from the technology and science sector in Oxfordshire
The report by VSL & Partners states there are a combination of factors driving demand from the technology sector in the county. They include a clear environment for entrepreneurship and innovation emanating from the Universities, closely backed by newly available finance from Oxford Sciences Innovation plc and the emergence of new flexible start-up space throughout the county.
A number of these companies are now emerging to dominate at the larger end of the market such as Immunocore and Apdaptimmune at Milton Park and Oxford Biomedica and Oxford Nanopore Technology in Oxford.
VSL recorded a total of 53 office transactions in 2017 with 58 per cent accounted for by the technology sector. Likewise, the technology sector continues to drive demand in the industrial market, now totaling some 28 per cent take-up which is similar to 2016 but up from just five per cent in 2015.
Tom Barton, co-director at VSL & Partners, says: “Industrial buildings that are suitable for the technology markets have seen the focus on rental growth and rents at Oxford Industrial Park have now reached £12 per sq ft following a letting to Oxford Photovoltaics.
“It is likely that these properties will continue to be the focus of rental growth during 2018.”