Abstract
Cambridge needs to evolve to maintain its current level of success
- Cambridge continues to attract investment, notably in bioscience and technology research and development. It can maintain a competitive edge as labour costs are up to 52% lower than in the US
- Demand for commercial space is high, with only one year’s supply in the pipeline. The city core remains strong, but developer confidence is also growing outside the city centre. There is appetite for value add opportunities on the edge of the city
- House price growth has stalled, due to stretched affordability and Brexit uncertainty. Median house prices in the city are 13 times more than median earnings, and buyers are looking increasingly to the hinterland instead
- Both the city and surrounding area need to continue to provide more housing at a range of price points, and in a range of tenures. Economic growth will be hindered if employees of all levels are priced out of the area
- Local and central government has a crucial role to play in planning and funding an expanding infrastructure network. Clusters of high value businesses need to be linked to a growing residential sphere of influence
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