Cambridge office market roundup
Established user demand spikes leasing activity
Office take-up in Cambridge reached 133,000 sq ft in Q1 2026, representing a 27% fall on Q1 2025 but 23% above the five-year quarterly average. The healthy levels of take-up have been supported by continued demand from established occupiers, with two transactions recorded over 10,000 sq ft.
The largest transaction was AVEVA acquiring 80,000 sq ft at 101 Cambridge Science Park, taking its footprint to the entire building. The other transaction over 10,000 sq ft was Nvidia leasing 11,000 sq ft at 10 Station Road.
The out-of-town market experienced the highest volumes of leasing activity in the first quarter, accounting for 87% of the recorded take-up.
There were two additional transactions above 10,000 sq ft, where part of the building will be repurposed to provide laboratory accommodation. Cellular Origins and 4basebio leased 41,000 sq ft and 36,000 sq ft at the Da Vinci Building, Melbourn Science Park and Q-Arc, Bar Hill, respectively, demonstrating the growth of the region's science and innovation ecosystem.
Technology and pharmaceutical occupiers continue to lead take-up
Technology occupiers were the most active business sector across the market in Q1 2026, accounting for 81% of total space transacted.
This high proportion can be attributed to the two largest transactions this quarter being derived from this occupier type.
Notably, the concentration of “Big Tech” occupiers in the city centre continued to expand, with Nvidia acquiring 11,000 sq ft at 10 Station Road.
The pharmaceutical sector was the second most active occupier type, accounting for 9% of recorded take-up.
Government-commissioned analysis shows Cambridge has the potential to drive even greater national economic growth if commercial space and housing expand. The density of innovation attracts companies that want to be near cutting-edge research and fast-growing tech firms.
Mark Taylor, Head of Commercial Agency
Supply falls with developers responding to the shortage of Grade A space
Total office supply currently stands at 879,000 sq ft, reflecting a 3% decrease since the end of 2025. Notably, the majority of stock available in the market is of a secondary nature. Grade B space accounts for 70% of supply, with 71% of this space being located in the out-of-town market.
Conversely, the supply in the city centre market is more skewed towards providing Grade A accommodation. Three of the four available buildings that can cater for an immediate requirement over 20,000 sq ft are based in this submarket. The largest Grade A available building is 10 Station Road, where 39,000 sq ft is being marketed.
Developer and investor confidence in the Cambridge market is evident by the 568,000 sq ft under construction across the market.
Cambridge has the highest quantum of office space being speculatively developed across all regional office markets. Notably, Botanic Place is under construction, totalling 325,000 sq ft, making it the largest speculative office development outside Central London.
New prime rent set in the city centre
A new prime office headline rent for high-end refurbished space was achieved at 21 Station Road, where Roark paid £65 psf prior to practical completion of the works. Nvidia also completed its lease at 10 Station Road for 11,000 sq ft at £62 psf.
The current out-of-town prime rent of £48.00 remained static in the first quarter.
New developments in both the city centre and out-of-town markets are expected to significantly move on the rental tone for both markets.
Find out more about Cambridge's property market here.
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