Oxford: £30 psf rents on the horizon for city-centre schemes
The UK's property markets continue to perform robustly with take-up increasing in many centres in the wake of the EU referendum vote, reported Carter Jonas as it launched its 2017 Commercial Edge report.
The launch also saw a panel of experts from Carter Jonas reveal 2016 highlights in the Bath and South West, Cambridge, Oxford, Leeds and London commercial markets as well as forecasts for the next 12 months.
Key highlights in the Oxford area were:
• The industrial market saw a 62% increase in take-up compared with the previous year - 1,500,000 sq ft in 2016, up from 932,000 sq ft in 2015, with a spread of activity across the region
• There is still an ongoing pressure on the Oxford office market due to a reduction in available space
• Oxfordshire’s commercial office market remained buoyant throughout 2016 with take-up reaching 391,264 sq ft compared with 405,000 sq ft in 2015 – a decrease of just 3.4%
• New build schemes in Oxford city centre are likely to command rents of £30 per sq ft and expected to act as a catalyst for wider rental growth across the region.
Source: CoStar
