Oxford office market round-up
Resilient activity amidst a lack of large lettings
Office take-up reached 63,000 sq ft in H1 2026, representing an 18% decrease on H1 2025, and 39% below the five-year average. The reduction in take-up can be mainly attributed to only one deal being recorded over 10,000 sq ft across the wider Oxford market. Oxfordshire County Council leased 14,000 sq ft at Midland House on a short-term basis whilst Speedwell House is being refurbished.
Despite lower take-up levels, office leasing activity has remained relatively resilient, with 18 lettings completed in the first half of 2026. This was above the equivalent period in 2025 and the second-highest total recorded over the last four years, highlighting the continued "churn" in occupier activity.
Looking forward, there is currently 109,000 sq ft under offer. This bodes well for improved levels of take-up recorded in the second half of the year. Notably, this total includes a number of larger transactions which are expected to conclude in this time period.
Venture capital funding rebounds
The office market in Oxford has predominantly been comprised of small- and medium-sized occupiers, notably with a strong concentration of science and innovation occupiers located within the region. Demand from this sector has been supported by venture capital (VC) funding.
There has been £466 million of VC invested in companies headquartered in the Oxford market in H1 2026, which was 96% above H1 2025.
Notably, there have been two occupiers that have raised over £50 million of VC funding: Dexory received £128 million of Series C funding, and Oxford PV raised £112 million of Series D funding.
The Oxford office market remains active, with strong demand for high-quality, accessible, amenity-rich buildings, particularly in the city centre, where constrained supply is expected to drive further rental growth.
Rob Beatson, Head of Oxford Commercial Agency
Office development pipeline limited amidst shortage of Grade A stock
There is currently 830,000 sq ft of office supply available across the wider market, which reflects a 9% decrease from the end of 2025. The majority of the available space is Grade B quality, with this type of stock accounting for 71% of total supply.
A shortage of Grade A space persists across the city centre submarket, where just 6% of Oxford’s current market supply falls within this category. The out-of-town market has benefitted from recent new office development. This is most notable at Oxford North, where the Red Hall offers 29,000 sq ft of available space.
The development pipeline remains constrained, with just one scheme under construction, Cantay House, where 27,000 sq ft is being speculatively developed.
Prime rents set to be uplifted by new development
Prime rents in the city centre have continued to remain static in the first half of 2026. The lack of available prime stock in the city centre has limited the scope for immediate prime rental growth.
New development in the city centre will help support a new rental tone being set for the market area.
Find out more about Oxford's property market here.
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