Construction Boom in Cambridge
Commercial development across Cambridge has been soaring with cranes and building sites becoming a common feature across the city’s skyline. Substantial changes are expected over the next year with the finalisation of various projects delivering hotels, office blocks and a number of residential homes.
Botanic House, one of the principal developments, will be providing office and retail space, along with over a hundred residential apartments. Jonny Vincent, a developer from Pace, hopes the building “gains the reputation of being one of the best office buildings” complementing the “belief that there is strong demand for new high quality offices and homes in central Cambridge”
Mr Vincent went on to further comment that “the Cambridge economy is quite special ΓÇô itΓÇÖs a resilient, exciting, dynamic economy, not suffering like other parts of the UK” with it being “the ideal place to be investing in right now – despite the vicious recession which has seen many parts of the UK crippled when it comes to development.”
To accompany the construction, a new railway platform is expected to be completed before the end of the year, improving capacity on an already busy line.
The demand for serviced office space across Cambridge has also been on the up, with officebroker.com having recorded a 5% increase in office space enquiries during 2011 (Jan ΓÇô May) compared to the same period in 2010. The cost of serviced office space in Cambridge is also shown to have increased, rising from an average of ┬ú297 p/m in 2010 to ┬ú409 p/m in 2011.