Botanic House this week became just the second new building in two decades to open its doors in Cambridge’s city centre.
Lawyers Mills & Reeve moved into the 52,000 sq ft scheme on Monday after signing a deal in 2011.
It follows software giant Microsoft moving its European Research HQ into CB1 by Cambridge station last month.
Developer Pace shocked the market when it said it would start spec construction of Botanic House in early 2011.
The lack of new build stock is now at critical levels, believes Chris Reeve, head of office agency at Bidwells, with only refurbishments holding up the market.
“Without doubt it’s a refurb market. But it’s a refurb market where commitments on buildings are coming before the buildings are being refurbished. That’s because there’s such limited supply in Cambridge of offices in a prime pitch.” he said.
nadia.elghamry@estatesgazette.com
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