OXFORDSHIRE
2017
carterjonas.co.uk 1
WELCOME TO OUR 2017 OXFORDSHIRE COMMERCIAL EDGE
REPORT WHICH PROVIDES AN ANALYSIS OF THE COUNTY’S
OFFICE AND INDUSTRIAL MARKETS FOR 2016, TOGETHER WITH
COMMENTARY ON THE RETAIL AND INVESTMENT MARKETS.
IT ALSO DETAILS OUR FORECASTS FOR THE YEAR AHEAD,
PROVIDES A PLANNING AND BUILDING COST PERSPECTIVE
AND PUTS A SPOTLIGHT ON THE STUDENT SECTOR.
Our analysis is derived from in-house
data, for buildings over 5,000 sq
ft, excluding lease renewals, and
recording new build transactions at
the time of agreement. The report is
an overview to which further detail can
be provided on request.
As highlighted in our previous
reports, Oxfordshire has a strong
multi-sector economy, which provides
resilience to fluctuations in the wider
economic picture.
Perhaps not unsurprisingly, given
the uncertainty surrounding the EU
referendum in 2016, Oxfordshire
experienced fluctuating fortunes in
terms of transactional activity over
the year, as detailed within this report.
However, the final outcome for 2016
was positive in terms of recorded
2
numbers and the main underlying
indicators.
2016 saw the completion of a number
of infrastructure projects, relatively
small in the wider context, but adding
some important pieces to the local
commercial jigsaw. In addition to the
road improvements at Milton and
Chilton, which open up both Harwell
and the Milton Park/Didcot areas to
further expansion, the other notable
infrastructure improvement was the
completion of the new Oxford to London
Marylebone rail link, with the opening
of the last section connecting Oxford
Parkway in the north of the city and
central Oxford.
One of the county’s main Brexit related
challenges remains employment and
the effect on attracting skilled European
staff particularly within the county’s High
Tech firms, with most recent statistics
showing 46,100 employees working
under this banner. Key scientific and
research stakeholders, such as the
Diamond Light Source at Harwell, are
lobbying Oxfordshire MPs for certainty
on employment rights as part of the
Brexit deal.
In common with the UK as a whole,
Oxfordshire continues to wrestle with the
question of new build housing allocation,
with Oxford itself having earned the title
of “the UK’s least affordable city to live
in”. This position is currently exacerbated
by conflicting interests and policies
between Oxford City Council and the
surrounding districts, with the picture
further muddied by the debate over
whether to merge districts or create a
single unitary authority.
ECONOMY
KEY STATS
391,264 sq ft
Office take-up in 2016,
down from
405,000 sq ft
620,000 sq ft
Office availability,
down from
658,000 sq ft
£27.00 per sq ft
Prime rental office
achieved in Oxford
city centre
1,500,000 sq ft
Industrial take-up,
up from 932,000 sq ft
1,400,000 sq ft
Industrial availability,
down from
2.2 million sq ft
£10.00 per sq ft
Prime industrial rent
achieved at
Oxford Industrial Park
Oxfordshire’s economy has continued
to flourish, despite the uncertainties
surrounding the UK’s vote to leave the
EU last June. As at November 2016, the
county had very low unemployment,
with a claimant count of just 0.6%,
compared with a figure of 1.1% for the
South East and 1.8% nationally.
New infrastructure continues to play
an important role in the growth of the
wider region, with a government study
in 2015 suggesting that the so-called
“brain belt” expressway between Oxford
and Cambridge would bring significant
economic benefits to the area. The report
also suggested that the road could
reduce journey times between the M4
and M1 by forty minutes at peak times
and could also boost the potential
labour pool for Oxfordshire by around
470,000.
In Oxford itself, December 2016 saw
the completion of Project Evergreen 3,
which has enabled a direct train to run
from Marylebone Station in London to
Oxford city centre, via the new Oxford
Parkway station which opened in 2015.
There are early masterplans for the
redevelopment of Oxford station and
work is underway to attract public
funding for the scheme, which includes
a new station building with multiple
entrances, a new rail track and shops.
Oxford City Council is also working with
Nuffield College on the redevelopment
of the Oxpens site between Oxford
station, the Westgate Centre and
the river. The scheme is significant
for the city, with the opportunity to
deliver 300+ houses, over 100,000
sq ft of office and R&D space and a
155-bedroom hotel as well as various
shops and restaurants.
Growth forecasts for Oxfordshire’s
economy remain robust, with GVA
expected to grow by a total of 27% in
the next decade.
carterjonas.co.uk 3
TAKE-UP
NOTWITHSTANDING
THE BREXIT VOTE AND
RELATED EMPLOYMENT
AND RESEARCH
FUNDING CONCERNS,
ACTIVITY WITHIN THE
KNOWLEDGE BASED
SECTORS IS SEEMINGLY
GROWING RATHER
THAN CONTRACTING
Take-up figures have been relatively
stable in comparison with 2015, with
a total of 391,264 sq ft transacted
despite the uncertainty surrounding
Brexit. We consider this to be an
extremely positive outcome given the
relative lack of stock.
Notable transactions included the
long-awaited AC Nielsen pre-let at
Oxford Business Park totalling 45,000
sq ft, as well as a pre-let of 53,700 sq
ft at 95 Milton Park.
In the second hand market there have
been notable transactions at Banbury
Business Park, with Dematic leasing
4
49,000 sq ft, and at Unipart House in
Oxford, with The Oxford University
Hospitals Trust leasing 31,500 sq ft.
Both transactions represent the
competitively priced end of the market.
Notwithstanding the Brexit vote and
related employment and research
funding concerns, activity within the
knowledge based sectors is seemingly
growing rather than contracting.
Hotspots remain Oxford city centre and
Milton Park, where a dearth of availability
has led to a rising rental tone. However, it
is worth noting that Abingdon - so long
the bridesmaid to Milton Park - is also
experiencing activity at the smaller end
of the market on both the Business and
Science Parks. At the time of reporting
55 Western Avenue, Milton Park
Figure 1 Oxfordshire Office Take-up
Source: Carter Jonas
sq ft (‘000s)
500
400
300
200
2016
2015
2014
2013
2012
2011
2010
100
0
Figure 2 Oxfordshire Office Take-up
by Town (% share)
Source: Carter Jonas
sq ft (‘000s)
250
2015
2016
200
150
100
50
O
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B
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bi
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do
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W
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C
hi
lto
n
W
an
ta
ge
0
Figure 3 Oxfordshire Office Rental
Levels
£30
£25
£20
£15
£10
£5
n
ic
es
te
r
B
an
bu
ry
D
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t
O
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Th
am
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W
itn
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0
B
At this stage and in line with previous
reports, we anticipate that a new
build scheme in the city centre would
command rentals of £30.00 per sq ft
or above and would act as a catalyst
for wider rental growth.
Secondary
do
The second hand market in Abingdon
has seen a good level of success, with
the rental tone increasing by circa
Going forward, rental growth is
expected to continue, with the larger
new build schemes identified in
our pipeline section all likely to be
seeking rentals of between £27.00
and £30.00 per sq ft.
Primary
£ per sq ft
ng
There is a mixed picture in terms of
the rental tone. On the one hand,
locations such as Oxford city centre
and Milton Park have seen rental
growth, rentals on other business
locations have largely stabilised, rather
than grow, in part due to the lack of
reported transactions.
Source: Carter Jonas
bi
RENTAL LEVELS
25% over the last two years, as a
result of both landlord investment
and growing demand for stock,
albeit primarily in the sub-5,000 sq ft
bracket.
A
the level of meaningful discussions
on the county’s principal science
locations points to a continued level of
activity in the short to medium term.
carterjonas.co.uk 5
TAKE-UP
RENTAL LEVELS
Activity in the industrial market
has been extremely encouraging,
with approximately 1.5 million sq ft
transacted in 2016, a strong increase on
the 2015 figures.
Rental levels within the industrial market
have, on the whole, continued to increase
during the past 12 months as the supply
of good quality stock diminishes.
Banbury has once again been the focus
for larger deals, with lettings to Hello
Fresh and Amazon jointly totalling
405,000 sq ft, vindicating the decision
of DB Symmetry and First Industrial to
develop speculatively.
In the wider market there has been a
spread of activity across the county,
with three lettings at Oxford Industrial
Park totalling 95,000 sq ft, representing
some of the highest quality units.
There is now a general shortage of
stock in the county’s main commercial
locations, with overall availability down
by 36% on 2015 to 1.4 million sq ft.
6
THERE IS NOW A
GENERAL SHORTAGE
OF STOCK IN THE
COUNTY’S MAIN
COMMERCIAL
LOCATIONS
In most of the county’s market towns
the rental tone for mid-range second
hand stock has increased above £6.00
per sq ft, although there are some
exceptions. In Oxford rental levels
continue to harden, with Oxford Industrial
Park rents now at £10.00 per sq ft.
Banbury Cross Industrial Park
Figure 4 Oxfordshire Industrial Take-up
Source: Carter Jonas
sq ft (‘000s)
800
700
600
500
400
300
200
100
B
B
an
b
ur
ic y
e
s
A
bi ter
ng
do
O n
xf
or
D d
id
c
W ot
itn
e
Th y
am
K
id
lin e
gt
o
O n
th
er
s
0
Figure 5 Oxfordshire Industrial
Availability Year End 2016
Source: Carter Jonas
2.8%
27.8%
69.4%
Grade A
Grade B
Grade C
Figure 6 Oxfordshire Industrial Rental
Levels
Source: Carter Jonas
Primary
£ per sq ft
£10
Secondary
£8
£6
£4
£2
B
ic
es
te
r
B
an
bu
ry
D
id
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t
O
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Th
am
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W
itn
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A
bi
ng
do
n
0
Central M40, Banbury: as built and proposed
carterjonas.co.uk 7
THE WESTGATE SCHEME’S OCTOBER COMPLETION
DATE REPRESENTS THE MOST SIGNIFICANT CHANGE
IN OXFORD’S RETAILING SCENE IN DECADES WITH
THE RESULTANT RIPPLES LIKELY TO BE FELT IN THE
CITY CORE FOR SOME YEARS TO COME.
The biggest change to the Oxford retail
landscape, as mentioned in our 2016
report, is the joint venture between
the Crown Estate and Land Securities
to redevelop the Westgate shopping
centre, providing 840,000 sq ft of prime
retail space.
The scheme is due for completion in
autumn this year and will be anchored by
a 142,000 sq ft John Lewis store. Demand
for space in the scheme has been strong,
with a reported 70% of space already
taken up (as at early 2017), with retailers
including Victoria’s Secret, Pink, Charles
Tyrwhitt and River Island. Reports suggest
that Apple may also potentially take
space, although this is not confirmed.
Notably, the Westgate redevelopment
will create opportunities for occupiers
to take space where previously there
8
was not enough capacity to do so, with
many of these occupiers being new to
Oxford. Whilst this should partially allay
fears that the remaining city retail scene
would be adversely affected by the new
development, equally we do expect some
re-balancing, a process that may take a
number of years.
falling away from Jack Wills at £220 zone
A, close to the junction with Cornmarket.
Elsewhere in Oxford, there is a relatively
buoyant level of interest from incoming
retailers, with new leases granted to
Leon and Wasabi in 2016. However, other
activity has been curtailed by the relative
lack of supply.
In addition to the Westgate centre, Land
Securities and the Crown Estate also
acquired the Castle Quarter development,
situated opposite, for £47.2 million in 2016.
However, plans for the scheme have not yet
been announced.
Westgate rentals remain unreported.
Otherwise, the prime rental tone remains
relatively strong, with zone A rents
reaching £300 per sq ft for Cornmarket
and around £230 per sq ft for Queen
Street. The High Street has a mixed tone,
New River Retail, the owners of two
schemes in Oxford, have announced plans
for the £60 million redevelopment of the
Templars Shopping Centre in Cowley, to
include a new hotel, restaurants and 200
residential apartments. The second scheme
Demand for Oxford remains strong, with
110 current unsatisfied requirements likely
to result in rental levels being maintained,
even though there are a number of other
retail developments in the pipeline.
Westgate Oxford CGI
DILAPIDATIONS
Terminal dilapidation claims are
damages sought by landlords against
tenants for not complying with their
repair, redecoration and reinstatement
obligations in the lease.
The frequency of dilapidation claims
within the commercial property market
has increased due to diminishing lease
terms and a prevalence of break clauses
being exercised by tenants.
The RICS published findings for average
settlement figures in 2010 based on a
dataset of projects between 2007 and
2009. The RICS survey revealed average
settlement figures of £9.54 per sq ft for
offices and £7.27 per sq ft for industrial.
&
Carter Jonas has undertaken a
comparative study of projects between
2015 and 2016, which showed an average
of £10.61 per sq ft for offices and £6.65
per sq ft for industrial. Our analysis
is derived from in-house data across
our office network including Bath,
Cambridge, Leeds, Oxford and London.
Our findings show that office settlements
have increased by approximately 11%
between the two studies, lagging behind
the 15.6% inflation of the Tender Price
Index during this period, as identified
by BCIS.
in the city, Gloucester Green, is some way
off and is unlikely to commence in the
short term, as it is linked with the future
relocation of the central bus station.
In our 2016 report we identified the
redevelopment of the West Way Centre
in Botley and can confirm that planning
consent was granted for a smaller
development in September 2016, albeit
with what appears to be a long lead time
before work commences.
Outside of Oxford, the expansion of
Bicester Village is well underway, with
completion due in Autumn this year. The
28-store extension has in turn required
investment in both road improvements
and a significant contribution towards
the redevelopment of the newly renamed
Bicester Village mainline station.
OXFORD IS
EXPERIENCING
AN INCREASE IN
THE LEVEL OF
LANDLORD CLAIMS
In contrast, industrial settlement figures
have decreased by 8.53% over the
same period. We believe this can be
attributed to the increase of protective
measures such as Schedules of Condition
engrossed to leases, which mitigate
any future claims by limiting a tenant’s
liabilities.
Oxford is experiencing an increase
in the level of landlord claims,
predominantly as a result of the loss
of rent claims following recent case
law. However, settlement levels on or
below the national average continue
to be achieved.
carterjonas.co.uk 9
Student housing used to be classed
as an “alternative” sector for property
investment, but it is now considered
to be part of the mainstream. During
2016, approximately £2.6 billion was
invested in the sector, the second
highest total after 2015.
In Oxfordshire only two notable
student schemes changed hands
during the year, namely Stonemason
House for £4.5 million and Beech
House being forward funded to a
reported end value of £23 million.
The latter transaction involved Unite
UK forward committing to Frontier’s
175-bedroom scheme close to
Oxford Brookes University.
10
Oxford City Council has placed
restrictions on the number of students
from the University of Oxford and Oxford
Brookes University living in the local
community, which has limited the amount
of purpose-built accommodation.
Nevertheless developers have continued
to pursue schemes, both in and outside
the local community, with many such
developers switching away from pure
residential based schemes where
Oxford’s S106 and CIL contributions
together with affordability requirements
can be prohibitive.
While full-time student numbers for
both universities have only increased by
around 3.7% over the last five years (to
33,335 in 2015/16), and notwithstanding
the number of schemes undertaken in
recent years, it is widely acknowledged
there is still a shortage of student
accommodation in Oxford, with this
sector competing head to head with
residential and other uses for ever
decreasing opportunities. A number of
schemes aimed at boosting provision
are at the planning stage or have
commenced in recent years.
Future development of student
accommodation is assumed at both the
Oxpens and Island sites in the city centre,
albeit at this stage masterplans are still
awaited. Meanwhile, as evidenced by
cranes in the city centre, several of the
colleges are building accommodation
within their own grounds.
Beech House, Headington
Old Road Campus, Oxford
RESEARCH FUNDING
IN THE CONTEXT OF BREXIT
Against the background of reduced public funding for higher education and the
likelihood that the UK will leave the EU, Oxford University generated positive
headlines in 2016 by achieving the number one position in the Times Higher
Education rankings. Indeed, it was the first time that a UK university has taken
the top position in this particular ranking.
However, with the likelihood that the
UK will leave the single market, there
are concerns about whether the UK will
continue to participate in programmes
such as Horizon 2020 – the EU’s flagship
research and innovation programme –
which provides significant funding for
research and facilitates the movement of
research professionals around the EU.
THERE IS STILL
A SHORTAGE
OF STUDENT
ACCOMMODATION IN
OXFORD, WITH THIS
SECTOR COMPETING
HEAD TO HEAD WITH
RESIDENTIAL AND
OTHER USES FOR
EVER DECREASING
OPPORTUNITIES
This is particularly important for the
University of Oxford which, according
to an interview with the Vice-Chancellor
published in the Financial Times in 2016,
receives 12% of its research funding
from the European Research Council,
amounting to £67 million in 2015. There
are naturally concerns about how the UK
might replace the potential loss of public
funding, in addition to losing talented
professionals.
Despite these concerns about public
funding, the university’s company which
commercialises its ideas and technologies
– Oxford Sciences Innovation (OSI)
- continues to attract private capital.
To-date, OSI has founded around 20 spinoff companies, including Oxford Flow,
Vaccitech and Oxford Nanoimaging.
In a new funding round at the end of
last year, OSI raised an additional £230
million – primarily from Asian investors
such as Singapore’s Temasek Fund and
the Oman Investment Fund - bringing
its total pot to £580 million. The growth
of OSI is also reflected in its own
space requirement, having pre-leased
approximately 14,500 sq ft at Keble
College’s new scheme.
In addition to this funding of spin-out
companies, the university continues
to attract investment at its Old Road
medical research campus. The latest
investment is from Danish healthcare
company Novo Nordisk, which has
announced a ten-year collaboration
with the university and a £115 million
investment in order to find new ways
of fighting Type 2 diabetes. The new
laboratory building is currently under
construction, having previously received
£12 million of government funding.
This level of investment demonstrates
the high regard around the world for
the quality of the University of Oxford’s
research and innovation. Indeed, it will
play a key role in ensuring its continued
academic and commercial success
through the creation of more high value
jobs. This, in turn, will continue to attract
the best and brightest talent to come
and live and work in the region..
carterjonas.co.uk 11
Oxfordshire is recognised as a
prosperous county with a thriving
economy and a high quality commercial
environment in its own right. The county
is renowned for its high tech industries,
research facilities and world-class
universities. It also forms a key part of
the Oxford–Cambridge growth corridor
and has been identified by the National
Infrastructure Commission as a potential
‘UK Silicon Valley’.
Oxfordshire’s economic potential is
clear, but realising this potential in full
will require a coordinated approach to
housing delivery, economic development
and supporting infrastructure.
&
Plans are being progressed to bring
about a step change in housing delivery
across Oxfordshire, with some 100,000
new homes required between 2011 and
2031. These new homes are needed to
accommodate population growth, to
address acute affordability issues and
to ensure that there are sufficient local
workers to support forecast jobs growth.
INVESTMENT IN
THE COUNTY’S
INFRASTRUCTURE
IS CRITICAL TO
SUPPORT ALL THE
PLANNED NEW
DEVELOPMENT
Affordability in Oxford itself is a
particular problem, with the green belt
around the city, along with flood risk
and heritage constraints, serving to
limit the options for significant new
housing development within the city’s
administrative boundaries. Some 14,850
new homes needed in Oxford will
therefore be built in the surrounding
districts, with the Oxfordshire Growth
Board taking the lead on agreeing
distribution.
New Local Plans are being progressed
by the District and City Councils
which, as well as planning for new
housing development, seek to ensure
the availability of a range of land and
12
premises for economic development.
The Oxfordshire Local Economic
Partnership is promoting the creation
of 85,000 new jobs in the county by
2031, supported by initiatives such as
the Science Vale Enterprise Zone and
the Oxfordshire City Deal.
Planned employment growth focuses
on the science-based knowledge
industries and research facilities
along the Oxfordshire Knowledge
Spine. Despite some concerns around
investment decisions in the wake of
Brexit, businesses continue to see
Oxfordshire as an attractive location.
Investment in the county’s
infrastructure is critical to support all
the planned new development. Traffic
congestion is a particular concern,
including along primary routes such
as the A40 and A34. All the local
authorities in Oxfordshire have
introduced, or intend to introduce,
a Community Infrastructure Levy,
which will assist in funding transport
improvements and the delivery of new
community infrastructure.
Larger projects, including those
designed to improve strategic
accessibility, will require funding
assistance from central government.
The National Infrastructure Commission
is currently working on a strategy to
improve east-west transport links. The
East-West Rail project will reinstate
the railway line between Oxford,
Milton Keynes and Cambridge, with
an initial phase to upgrade the line
between Oxford and Bicester, a new
station at Oxford Parkway and the
connection of this line to the Chiltern
line. This has already been completed.
Central government is also considering
plans for an Oxford-Cambridge
Expressway, which proposes building
a relief road around Oxford, diverting
traffic travelling from the south to the
Midlands.
In summary, the scale of the challenge
is clear. Plans are being made to deliver
the new homes and infrastructure
needed to support future economic
growth, but joined-up thinking will
remain key to realising Oxfordshire’s
full potential.
Plot 12 Oxford Science Park
Figure 7
Oxfordshire Development Pipeline
(capacity of consented sites)
Source: Carter Jonas
Office
Industrial
sq ft
2.5m
2m
Looking forward, one of the most
eagerly awaited announcements
involves the master plans for Oxford’s
West End, where Nuffield College and
Oxford City Council are the principal
land owners.
1.5m
1m
500k
0
co
t
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B
an
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ry
B
ic
es
te
A
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bi
ng
do
n
H
ar
w
K
el
id
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lin
gt
on
In relation to the office and R&D
market, 2017 promises to see the
largest quantum of new speculative
development in the last ten years, with
three schemes at Milton Park, Harwell
and Oxford Science Park having been
commenced, comprising around
206,500 sq ft in total.
id
A number of sites have progressed their
planning status, of which the following are
notable examples:
• Albion Land and DB Symmetry have
gained consent for their respective
Bicester industrial schemes, jointly
totalling 1,175,000 sq ft
• Graftongate and joint development
partner Clowes have gained consent
for the redevelopment of Didcot A
Power Station, with a mixed use scheme
providing 1.45 million sg ft of space
for employment, housing, hotel and
convenience store uses
• St John’s College has increased its
proposed employment capacity at
the Northern Gateway Oxford site to
970,000 sq ft, although it has been
reported that the planning process is
being delayed by transport concerns
In terms of speculative development
proposed and started in 2016, industrial
was limited to two buildings, totalling
173,000 sq ft, at DB Symmetry’s Central
M40 scheme at Banbury. Two small unit
schemes have commenced at Grange
Court, Abingdon Science Park and
Windrush Park, Witney, jointly totalling
46,000 sq ft.
D
Oxfordshire’s development pipeline
remains largely unchanged over the last
year, with only the new 30-acre Junction
11 site at Banbury being the main addition.
The net addition for the year was
approximately 20 acres, having allowed
for both additions and deductions.
carterjonas.co.uk 13
Malmaison, Oxford Castle
The UK as a whole recorded a sharp fall
in commercial investment activity last
year, with transaction volumes down
from a record £71 billion in 2015 to
around £50 billion in 2016.
However, Oxford had a busy 2016
in terms of investment activity, with
reported transaction volumes reaching
£176 million for the full year, covering a
range of property sectors.
The largest deal of the year was
Pramerica’s £67 million acquisition of
Templars Shopping Park from KKR/
Quadrant at a reported yield of 4.99%,
while the Westgate Oxford Alliance
consolidated its holdings in the city
with the £47.2 million acquisition of
the Castle Quarter, a site close to the
Westgate Shopping Centre comprising
the Malmaison Hotel, a number of bars
and restaurants and 40 apartments.
In line with the trend for local authorities
to secure long term income by investing
in property, Sutton Borough Council
acquired Oxfam’s headquarters at
Oxford Business Park for £29.9 million,
reflecting a yield of 5.28%.
14
Figure 8
Key Oxfordshire Investments 2016
Source: Carter Jonas
Date
Building
Buyer
Vendor
Price
(£m)
Yield
(%)
Q1 2016
Templars
Shopping Park
Pramerica REI
KKR Financial
Holdings/
Quadrant Estates
67
4.99
Q1 2016
3 Oxford Castle
Land Securities/
The Crown Estate
Trevor Osborne
Property
47.27
5.22
Q4 2016
Oxfam HQ, Oxford
Business Park
Sutton Borough
Council
Aviva Investors
29.9
5.28
Q3 2016
43 Cornmarket
Private Investor
AXA REIM
10.0
4.36
Q3 2016
58-60 St Aldates
BA Pension Fund
Goldman Sachs/
Square Metre
Properties
9.5
6.9
Q1 2016
Stonemason
House
Empiric Student
Property
Housing association
4.5
5.1
141 Park Drive, Milton Park
Against a worldwide backdrop of
economic uncertainty caused by a range
of factors, it is becoming increasingly
difficult to make meaningful forecasts.
Notwithstanding this, with Oxfordshire’s
diverse economy offering some buffer to
a downturn and the current shortage of
supply, we feel it is reasonable to make
the following predictions for 2017:
• Increased growth in the life sciences
sector in the county’s main science
parks, aided by a recent government
announcement of £4.7 billion of
funding for this sector, in turn
countering some of the concern
created by Brexit
• R
ental growth within these key
locations, spurred on by the
speculative development being
undertaken and a relative lack of stock
• A
nnouncement of the key city
centre masterplans at Oxpens
and the Island site
• F
urther political debate surrounding
the merging of district councils and the
creation of a Unitary Authority
carterjonas.co.uk 15
36 OFFICES ACROSS THE COUNTRY,
INCLUDING 12 IN CENTRAL LONDON
LONDON
OFFICES
CARTER JONAS
Carter Jonas LLP is a leading UK property consultancy
working across commercial property, residential sales
and lettings, rural, planning, development and national
infrastructure. Supported by a national network of 36
offices and 700 property professionals, our commercial
team is renowned for their quality of service, expertise
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Find out more at carterjonas.co.uk/commercial
THIS PUBLICATION IS PART OF THE 2017
COMMERCIAL EDGE RESEARCH SERIES.
Bangor
Leeds
Basingstoke
Marlborough
Bath
Newbury
Birmingham
Newbury - Sutton Griffin
Boroughbridge
Northampton
Bury St Edmunds
Oxford
Cambridge South
Peterborough
Cambridge North
Shrewsbury
Cambridge Central
Suffolk
Edinburgh
Wells
Harrogate
Winchester
Kendal
York
National HQ One Chapel Place
Hyde Park & Bayswater
Barnes
Knightsbridge & Chelsea
Barnes Village
Marylebone & Regent’s Park
Fulham Bishops Park
Mayfair & St James’s
Fulham Parsons Green
Wandsworth
Holland Park & Notting Hill
Waterloo
Report Compiled By:
Jon Silversides Head of Oxford Agency
01865 404458
[email protected]
Darren Yates Head of Research
020 7518 3343
[email protected]
Key Contacts:
Scott Harkness Head of Commercial
01865 404453
[email protected]
Roberta Hartley Management
01865 404473
[email protected]
Richard Waterson Public Sector
01865 404466
[email protected]
To request a copy of any of the other documents in the
series, please visit carterjonas.co.uk/CommercialEdge
With thanks to MEPC, Frontier Estates, Magdalen College,
DB Symmetry and The Westgate Alliance for Images used.
01865 517000
Mayfield House, 256 Banbury Road, Oxford OX2 7DE
[email protected]
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© Carter Jonas 2017. The information given in this publication is believed to be correct at
the time of going to press. We do not however accept any liability for any decisions taken
following this report. We recommend that professional advice is taken.
Michael Prosser Investment
020 7518 3224
[email protected]
Richard Love Architecture & Building Consultancy
01865 404490
[email protected]
Peter Fry Valuations
01865 404420
[email protected]