Carlyle House, Carlyle Road, Cambridge
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THE RELENTLESS RISE IN CAMBRIDGE OFFICE RENTS
Publish Date: February 01, 2016
The scarcity of modern office space in Cambridge continues to drive up rents. A current example is a letting at Carlyle House, of Chesterton Road, close to Mitcham’s Corner.
Genie Ventures, a digital marketing and publishing company, took 1,765 sq ft about early 2014 at a rent of £20 per sq ft exclusive. Eighteen months later, needing to take more space due to business growth, Genie is in the process of surrendering its lease to move to the top floor of the building at a rent of £24 per sq ft.
Mark Robinson of Robinson Layer acted for Genie Ventures in both transactions. He said: “This is a clear sign of the times and is inhibiting many organisations wishing either to expand here or move into Cambridge. The rate of commercial property development has lagged seriously behind demand for the past three years. The success of major developments like CB1 lies in attracting larger companies but in the mid-range there is a famine which is not going to be satisfied in the short term.”
Ciaron Dunne, CEO Genie Ventures, said: “We have doubled in size in the past 12 months as we look to ramp up our marketing technology and e-commerce businesses.
“This is the third time that we've used Robinson Layer as our agent for sourcing and negotiating new office space. They have deep knowledge of the local market that is impossible to replicate. A key goal for us in an office move is to minimise business disruption, and so it's a huge relief to have a trusted, experienced partner to hold our hands and minimises stress and distraction.”