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When we look at employment in knowledge intensive sectors (excl. London), Cambridge has a good balance of life science, tech and broader knowledge-based companies. It also has the highest % of the workforce within high growth industries.
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The nature and scale of employment growth in Cambridge has been activated by two coalescing factors: the maturing of the Cambridge cluster driving accelerated critical mass and significant advances in the scientific arena. This is evident in the type of requirements for commercial space we have seen in recent years, with the growth in cell, gene and RnA therapies and the rise of AI of note.
This is both an opportunity and a threat. As with any highly specialised location the growth relies on funding and continuing advancement to keep momentum. On a global scale according to first quarter 2024 analysis by Bain & Company, the US has grown in funding by 16% quarter on quarter, Europe conversely reported a 28% decline.
The most recent data from Beauhurst to the end of the first half of 2024 demonstrates that even with that slow-down, Cambridge has attracted relatively consistent investment volumes year on year. That said 2024 is not expected to be a bumper year.
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Source: Beauhurst, Bidwells
David Bentley, Partner, Head of Residential at Bidwells said, "I have outlined in previous posts that the new homes market looks to have bottomed out in pricing as we pass the half-year point and demand comes from both international movers to Cambridge and the existing population. The former fulfil about 15% of overall demand for new homes, meaning we are only partially reliant on these global trends to spur activity."