Bidwells reports uptick in Cambridge lab and office take up

This marks a higher level of take-up than the entire final quarter of 2024, which capped a difficult year for occupational activity in both offices and laboratories.

Year-to-date activity growth has been largely driven by the office and technology sectors, with new research from Bidwells highlighting the resilience of Cambridge’s knowledge-intensive industries, responsible for 91 per cent of recent take-up. This activity was primarily driven by science and tech businesses, reinforcing the strong demand from these high-growth sectors.

2024 saw the Cambridge development pipeline grow while occupier demand stabilised following two years of the total requirements softening. In challenging markets, the Bidwells’ agency team advised on eight of the 10 largest leasing transactions.

Early 2025 leasing activity indicates a positive shift which should see 2025 performance return towards longer term trends. This should be driven in part by the resurgence of venture capital investment, which is closely tied to lab space demand. Recent lettings reflect renewed business confidence, with Bidwells further reinforcing this trend by securing the largest transaction since 2021.

“There’s generally a deferred correlation between venture capital levels and lab demand, particularly in Cambridge where long-term data trends support this link,” says Max Bryan, Head of Laboratory & Office Agency at Bidwells.

“For the medium to long term, critical mass is essential,” Bryan adds. “A well-established cluster attracts global talent and investment, ensuring businesses can scale effectively and create a sustainable career ecosystem for employees.”

With significant new supply coming to market, Cambridge’s vacancy rates are expected to rise in the short term. However, this is required as an important phase in the city’s development. Cambridge’s fundamentals remain strong, reinforcing its status as a global hub for science and technology.

Home to world-class research institutions and a highly skilled workforce, the city continues to attract growing investor confidence.

Chancellor Rachel Reeves has reignited support for the Oxford-Cambridge Growth Corridor, aiming to transform the region into Europe’s Silicon Valley. This ambitious initiative includes substantial investments in infrastructure, housing, and transport, with the potential to add £78 billion to the UK economy by 2035. These commitments further enhance Cambridge’s long-term appeal as a leading destination for knowledge-intensive industries, say Bidwells.