Cambridge has little to fear from the rise of east London’s Tech City, according to a panel of experts at Estates Gazette’s Question Time this morning.
Occupier demand from the biotechnology and IT sectors is so strong in Cambridge that east London’s tech cluster is “complementary” to the university city, rather than being a threat, said Mills & Reeve partner Vincenzo Maggio.
Rob Sadler, Savills’ head of office in Cambridge, added: “Historically, Cambridge has been built on home-grown businesses or companies linked to the university. Now we are drawing major global corporations such as Apple and AstraZeneca.”
However, Cambridge needs to take urgent action to improve its strained infrastructure if it is to continue to benefit from the tech boom, panellists said.
The city needs to “push harder” for more residential development, said Edward Skeates, project director at Grosvenor.
He added: “We need up to 15,000 new homes in the next 10 years. There are already 6,000 unbuilt homes in Cambridge which already have planning consent.”
The city must also ensure that a drive for development in peripheral areas such as Waterbeach and Northstowe is combined with efforts to improve road and public transport links with the centre, panellists said.
“The A14 is heavily congested and it’s holding back developments to the north of the city” said Sven Topel, chief executive of Brookgate, the developer behind the 25-acre mixed-use CB1 Development, which is under construction near Cambridge station.
