A guide to office space in Cambridge
Most famous for being one of the top university cities in the world, Cambridge also has a diverse economy made up of a number of sectors including pharmaceuticals, technology and research & development.
The location
Cambridge benefits from its close proximity to London – just 50 miles north of the capital and less than an hour direct by train. The river Cam runs through the city on which tourists enjoy traditional punt tours that take in many of the historical sights. The city is often described as one of the most beautiful in the world and generates over £350m per year in tourism.
Neighbouring areas - price comparisons, per person per month
| Area | Indicative price range |
|---|---|
| Cambridge | £300 - 550 |
| Northampton | £200 - 250 |
| Oxford | £150 - 200 |
| Peterborough | £150 - 200 |
| Milton Keynes | £300 - 350 |
| Canary Wharf | £600 – 900 |
Looking for an office in Cambridge
Costs
The price for office space in Cambridge is not the cheapest; in fact in the city centre it is the most expensive in the UK outside of London. For serviced offices you should expect to pay around £500 per person, per month. However, if companies are willing to locate to the outskirts of the city and the surrounding towns, space can be found at considerably lower levels. For those willing to spend, there are some fabulous options within the city centre. It is always worth keeping in mind that serviced offices often include various services and amenities that help to keep the overall cost down.
Office sizes
Due to the increasing number of start-ups looking to either set up or move into the area, a lot of the enquiries we receive are for smaller and flexible spaces. However, with AstraZeneca moving into the area, larger spaces are expected to be requested as others follow their lead. Instant are able to accommodate most enquiries, from one person through to 100 or more depending on the specifics.
Why choose Cambridge?
One of the major advantages of setting up business in Cambridge is the impressive talent pool available. Over 40% of the workforce of Cambridge have a higher education qualification, more than double the national average. A good number of graduates stay in the city due to the high quality of living with many start-ups spun out of the university. With an easy commute to and from London, the city has become a tech hub with easy links to the capital.
Five things you probably didn’t know about Cambridge:
- Cambridge was granted its city charter in 1951 despite its lack of a cathedral, usually a prerequisite for city status
- Cambridge University outnumbers Oxford University in terms of Nobel Prize winners (89 to 58)
- Oliver Cromwell is buried in an unmarked grave close to the doors of the Sidney Sussex College Chapel
- The University of Cambridge was officially started in 1209 by an association of scholars who came from Oxford
- Lord Byron kept a pet bear in his rooms when he was at Cambridge, because University rules stated that he wasn’t allowed to keep a dog
A closer look at Cambridge
The city of Cambridge has become a most important hub for science and technology, reflected by the area having more patents granted per 100,000 population than anywhere else in the UK. Acorn Computers, sometime referred to as the ‘British Apple’ was founded in Cambridge in 1978, while current major companies that call the city home include ST Robotics, Marshall Group and ARM.
The economy of Cambridge has grown at a rapid pace in recent years and with AstraZeneca’s new corporate headquarters and global R&D centre being given the green light recently, it is fully expected that demand in the area will remain very high.
While prices are high and are expected to continue to rise, it is hoped that construction of new office space in the coming months and years will help to drive competition and keep rental levels at a reasonable level.
For more information on the current state of the UK serviced office market check out our UK Flexible Workspace Review 2016.
Want to find out more?
If you’re looking to move into the area, or simply require more information, contact Instant Offices' specialist local consultants.
Email our team or call us and we'll be delighted to help you.