Take-up

Take-up has incrementally increased each quarter in 2025. There was 139,000 sq ft transacted during Q1–Q3 2025, which represented a 28% decrease on the same time period in 2024 and 16% below the five-year average. Supply constraints of best-in-class city centre space have continued to impact take-up.

Positively, Q3 take-up totalled 62,000 sq ft, which was 21% above the previous quarter. The uptick in activity can be attributed to the Ellison Institute of Technology (EIT) expanding its presence at Oxford Science Park by acquiring 30,000 sq ft at The Schrödinger Building. It should be noted, however, that this was a mix of office and laboratory space.

Supply

Supply currently stands at 670,000 sq ft, which reflects a 16% increase from the end of 2024. 2025 has seen the completion of the Red Hall at Oxford North, a new Grade A office development for Oxford. The building has been delivered as a best-in-class facility with c.33,000 sq ft of available office space and then additional front-of-house amenity, making it the largest single building of this quality currently available within the Oxford ring road.

The supply and demand imbalance for Grade A office space in the city centre persists. This submarket contains only 18% of the Grade A supply across the wider market, and currently, no available building is able to immediately satisfy a Grade A office requirement seeking over 10,000 sq ft.

Take-up by business sector

The ‘Pharmaceutical, Medical & Healthcare’ sector has been the most active acquirer of office space in 2025, accounting for 38% of take-up recorded. There have been three transactions recorded over 5,000 sq ft by the sector, which is the highest quantum when compared to other occupier types.

Notable transactions for this business sector include the aforementioned EIT deal at Oxford Science Park and Xyme acquiring 6,000 sq ft at Inventa. Other notable market transactions included Oxfam leasing 26,500 sq ft at 2600 Arc Oxford.

Rents

The prime office headline rent currently stands at £63.50 per sq ft, which was achieved at North Bailey House within the city centre. Looking forward, the city centre rental tone is expected to be lifted by the redevelopment of Cantay House, which will deliver prime Grade A city centre office stock.

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Interested in other areas of the UK?

View all of our latest Q3 2025 Occupational Office Data research here.