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Cambridge

Residential

In recent decades Cambridge has been among the standout performers for residential property price growth and has a strong claim to be one of the UK’s premier residential markets, according to the latest research by Savills. Cambridge house prices have risen 241% since 2001 according to Land Registry – just 1% less than London over the same period, and well ahead of the rest of the East of England. Recent performance in the city has been somewhat weaker, however, despite boosts from the stamp duty holiday. Values in Cambridge rose by 3.8% in the year to June 2021, somewhat lower than the national average of 6.2%. Cambridge’s spectacular historic growth has become a double-edged sword for the city. It is one of the least affordable housing markets in the country, limiting market activity and future value growth. 

 

A key challenge for the city will be how it continues to grow and adapt to changing requirements without losing that rich character. One of those key challenges will be a significant demographic shift. Oxford Economics predicts the numbers of residents aged over 60 will grow by 29% between 2021 and 2031. The population aged 25–59 is expected to fall by 12%. This is a direct consequence of the city’s unaffordability, as younger households cannot afford to move into or stay in Cambridge. As the current population ages, Cambridge will see fewer economically active households. Well-targeted policy and development will be required to attract and retain these younger households within the city itself, rather than settling further out. Losing these types of households could have negative consequences for footfall and therefore the retail and leisure offering within the city centre.

 

“At their peak in 2018, house prices were an eye-watering 13.5 times greater than local average earnings – higher than London’s figure of 12.3 at the time,” commented Lawrence Bowles, Director, Residential Research at Savills. This means the city struggles to attract younger and less affluent workers – including key workers. These households often have to find accommodation outside of the city itself, putting greater stress on infrastructure. The greater number of long-distance commutes also has environmental implications. Providing either suitable accommodation in the city or suitable and sustainable transport options into the city must be a priority going forward.

 

The stretched affordability in the city has resulted in a strong rental market. Rents have grown 4.1% in the city in the 12 months to August 2021, compared to 1.6% in London. “There are three Build to Rent schemes in the pipeline, which we expect to deliver around 550 rental homes. This will help increase the tenure and housing options within the city, supporting its continued growth and development,” said Steven Lang, Director, Commercial Research at Savills.

 

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Office

The economic foundations of Cambridge’s high-performing residential market are solid.Employment and productivity is very strong in the city, with total employment expected to grow by 9% over the next ten years. This growth will be driven by further expansion in the already well-established science, tech, IT and professional services sectors.  Unemployment between 2010 and 2020 averaged only 4.5%, compared to 5.9% nationally. The productivity figures are even more flattering: after 20 years of stellar productivity growth – 24% ahead of the national average – Cambridge had closed its productivity deficit with London from 20% in 2001 to just 4% in 2020. According to Oxford Economics forecasts, Cambridge is due to overtake London in value added per worker in 2022, and achieve a 6% lead by 2030. 

 

This growth, supported by several major office deals, has underscored Cambridge’s appeal to employers. Software provider MathWorks moved into their new 93,000ft² premises at Cambridge Science Park earlier this year, marking the scheme’s biggest deal for over a decade. And Huawei has reaffirmed its commitment to building a new research and manufacturing facility in Sawston. Additionally, Blackstone portfolio company BioMed Realty also plans to deliver approximately 800,000ft² of high-quality purpose-built lab space, following the acquisition of two new sites in Cambridge.

 

The demand for commercial office and laboratory space in Cambridge remains buoyant. The obvious turbulence of 2020 did not dampen take-up, which was broadly in line with the five-year average. 2021 has progressed in a similar way with some significant deals signed, or in an advanced stage, that will further reduce the supply of available space in the city. Going forward, Cambridge will have a severe lack of new stock under construction, which will conflict with the continued hunger from occupiers of all sizes. Additionally, older stock cannot provide a solution as it may fail to meet occupiers’ ESG requirements, including Carbon net zero. This exacerbates the potential supply ‘crunch’ in the short to medium term. Accoridng to Savills, this may result in lesser attractiveness of Cambridge to occupiers as their requirements cannot be met in the city.

 

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Health sector

Throughout 2020, the pandemic focussed occupiers’ and commercial property investors’ attention towards the human health sectors. This appetite and interest has continued throughout 2021 and shows no sign of tailing off. For Cambridge specifically, with a rising interest in human health and wellbeing from the software, mobile and technology sectors, which have a significant presence in Cambridge, it has also created another future layer of demand that will emerge in the next few years. Commercial property investor interest has also continued to grow at an unprecedented rate, where we are aware of new entrants entering the market on an almost weekly basis.

 

“The appetite for Cambridge’s office and laboratory market continues to grow as the City increasingly becomes one of the world leaders in life science, including pharmaceuticals, biotechnology and engineering,” said Lawrence Bowles, Director, Residential Research at Savills. These key drivers behind the investor interest are anticipated to produce significant rental growth predicated by expansion of the occupier base due to huge flows of capital being raised by companies of all scales, the academic spin-out through to the later-stage venture capital. These indicators, combined with a severe shortage of supply in Cambridge, highlights the need and creates the key ingredients for future development growth.

 

The pandemic also raised investor interest levels in more alternative types of commercial property. In particular, the laboratory market, where occupancy and utilisation rates were considerably higher than in traditional offices through lockdown, increased the interest of investors. This heightened interest was also supported by the considerable level of capital being raised – particularly venture capital – by companies that then require laboratory space.

 

Of course, despite research and development (R&D) property historically sitting within the offices’ use class, there are significant differences between the specification of laboratory and office property. Despite this, it has been interesting to see how quickly investors have become comfortable with the wider types of R&D investment property that caters for very different end-users compared to a traditional office.

 

 

For more information, please see:
Cambridge: Thriving on Innovation by Savills
Shifting demographics pose a challenge for Cambridge by Savills

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Holiday let clampdown welcomed: But concerns raised over how rules will be enforced

A clampdown on new holiday lets has been welcomed as a way to stop local people from being locked out of buying a property in their community.

The Government said the new measures being introduced in the summer will ensure they can afford to live in the place they call home.

In popular tourist areas, residents say high numbers of short-term lets listed on websites such as Airbnb are preventing them from being able to move on to, or up, the property ladder.

New clampdown on holiday lets is aimed at preventing people being locked out of the housing market

New clampdown on holiday lets is aimed at preventing people being locked out of the housing market

A mandatory national registration scheme will be introduced to help councils understand the extent of short-term lets in their area and the effects on their communities.

A new planning ‘use class’ will also be created for short-term lets, meaning council officials would be able to refuse permission for a home to be converted into a holiday let. Existing properties won’t need to apply for permission, however. 

The rules will not apply to people renting out their main home for less than 90 nights a year, while hotels, hostels and B&Bs are also unaffected by the changes. 

Perhaps surprisingly, holiday let platforms such as Airbnb And Sykes Holiday Cottages said they welcomed the changes. 

Amanda Cupples, of Airbnb, said: ‘The introduction of a short-term lets register is good news for everyone.

‘Families who host on Airbnb will benefit from clear rules that support their activity, and local authorities will get access to the information they need to assess and manage housing impacts and keep communities healthy, where necessary.’

And Ben Edgar Spier, of Sykes Holiday Cottages, said: ‘The announcement of the registration scheme for England’s short-term letting industry has the intention to track the size and impact of the sector and ensure short-term lets are safe, something which Sykes fully supports.

‘Short-term lets are the economic lifeblood of many parts of the UK and a register to provide accurate data was clearly needed before any further regulation risks unforeseen impacts on communities and visitors alike.

Short-term lets are the economic lifeblood of many parts of the UK 

‘We welcome the registration scheme being national, mandatory, and presumably online. Our hope and expectation is that it will give our market some much needed clarity and drive compliance across the country.’

However, he also called on the Government to create more housing through repurposing vacant buildings. 

‘On the target to deliver one million homes this Parliament, we note that there are far more underused and vacant buildings in existence as well as land with planning permission, all of which contribute far less if anything to local economies, compared with holiday lets,’ Spier said. 

‘We would urge the Government to consider measures to incentivise the bringing of those buildings and land into use to boost housing supply.’

While experts welcomed the changes, announced by Housing Secretary Michael Gove, one estate agent questioned whether they could be enforced

While experts welcomed the changes, announced by Housing Secretary Michael Gove, one estate agent questioned whether they could be enforced

How will the new rules be enforced? 

North London estate agent Jeremy Leaf, insisted that any new rules would need to be properly enforced to ensure they worked long term.

He said: ‘The aim of the policy to give local people, however you may define them, improved choice of homes to buy and to rent.

‘However, one size does not fit all and local authorities should be given the discretion to apply the rules depending on issues in their area. For instance, if there is high volume of holiday lets then that may need to be balanced out to make sure there is sufficient range of other properties available to buy and to rent. 

‘On the other hand, a policy which is too prescriptive may be damaging in an area with relatively low quantity of holiday lets.

‘The key point is whether this is just politicking, and how, and when it is going to be introduced. From what we can see, there is very little enforcement of existing rules so one wonders what the point is of stricter regulations if existing rules are not enforced.’

Holiday let prices in popular areas 

Cornwall and Pembrokeshire are popular areas among second home owners and those looking for a holiday let investment.

We take a look at a property to rent in each of those areas that are listed to rent on Sykes Cottages.

The Pottery

The Pottery is a three-bedroom holiday let in Pembrokeshire’s Newport that is available to rent for £1,470 for seven nights in July.

The Pottery is a three-bedroom holiday let in Pembrokeshire's Newport that is listed on Sykes Cottages

The Pottery is a three-bedroom holiday let in Pembrokeshire’s Newport that is listed on Sykes Cottages

The holiday let has an attractive interior and is available to rent for £1,470 for seven nights in July

The holiday let has an attractive interior and is available to rent for £1,470 for seven nights in July

Sandy Cove

Sandy Cove is a three-bedroom holiday let in Cornwall’s Praa Sands that is available to rent for £2,392 for seven nights in July. 

Sandy Cove is a three-bedroom holiday let in Cornwall's Praa Sands that is listed on Sykes Cottages

Sandy Cove is a three-bedroom holiday let in Cornwall’s Praa Sands that is listed on Sykes Cottages

You'll need deep pockets to stay at the property, which is available to rent for £2,392 for seven nights in July

You’ll need deep pockets to stay at the property, which is available to rent for £2,392 for seven nights in July

The Government said the changes were part of its long-term plan for housing, which it hoped would ‘unlock more of the homes this country needs’.

Its target is to deliver one million homes this Parliament.

It hopes to introduce the new holiday let rules from this summer.  

Secretary of State for Levelling Up Housing and Communities, Michael Gove said:

‘Short-term lets can play an important role in the UK’s flourishing tourism economy, providing great, easily-accessible accommodation in some of the most beautiful parts of our country.

‘But in some areas, too many local families and young people feel they are being shut out of the housing market and denied the opportunity to rent or buy in their own community.

‘So the Government is taking action as part of its long-term plan for housing. That means delivering more of the right homes in the right places, and giving communities the power to decide.

‘This will allow local communities to take back control and strike the right balance between protecting the visitor economy and ensuring local people get the homes they need.’

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Congratulations, Privacy Just Took A Great Leap Out the Window!

Your Data Is Being Used Without Your Permission And Knowledge

The Voice Of EU | In the heart of technological innovation, the collision between intellectual property rights and the development of cutting-edge AI technologies has sparked a significant legal battle. The New York Times has taken legal action against OpenAI and Microsoft, filing a lawsuit in Manhattan federal court. This legal maneuver aims to address concerns surrounding the unauthorized use of the Times’ content for the training of AI models, alleging copyright infringements that could potentially result in billions of dollars in damages.

READ: HOW YOUR DATA IS BEING USED TO TRAIN A.I.

This legal tussle underlines the escalating tension between technological advancements and the protection of intellectual property. The crux of the lawsuit revolves around OpenAI and Microsoft allegedly utilizing the Times’ proprietary content to advance their own AI technology, directly competing with the publication’s services. The lawsuit suggests that this unauthorized utilization threatens the Times’ ability to offer its distinctive service and impacts its AI innovation, creating a competitive landscape that challenges the publication’s proprietary content.

Amidst the growing digital landscape, media organizations like the Times are confronting a myriad of challenges. The migration of readers to online platforms has significantly impacted traditional media, and the advent of artificial intelligence technology has added another layer of complexity. The legal dispute brings to the forefront the contentious practice of AI companies scraping copyrighted information from online sources, including articles from media organizations, to train their generative AI chatbots. This strategy has attracted substantial investments, rapidly transforming the AI landscape.

Exhibit presented by the New York Times’ legal team of ChatGPT replicating a article after being prompted

The lawsuit highlights instances where OpenAI’s technology, specifically GPT-4, replicated significant portions of Times articles, including in-depth investigative reports. These outputs, alleged by the Times to contain verbatim excerpts from their content, raise concerns about the ethical and legal boundaries of using copyrighted material for AI model training without proper authorization or compensation.

The legal action taken by the Times follows attempts to engage in discussions with Microsoft and OpenAI, aiming to address concerns about the use of its intellectual property. Despite these efforts, negotiations failed to reach a resolution that would ensure fair compensation for the use of the Times’ content while promoting responsible AI development that benefits society.

In the midst of this legal battle, the broader questions surrounding the responsible and ethical utilization of copyrighted material in advancing technological innovations come to the forefront.

The dispute between the Times, OpenAI, and Microsoft serves as a significant case study in navigating the intricate intersection of technological progress and safeguarding intellectual property rights in the digital age.


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Culture

Conflicted History: ‘Oppenheimer’ And Its Impact On Los Alamos And New Mexico Downwinders

‘Oppenheimer’ And Its Impact On Los Alamos And New Mexico Downwinders

The Voice Of EU | In the highly anticipated blockbuster movie, “Oppenheimer,” the life of J. Robert Oppenheimer, the man behind the first atomic bomb, is portrayed as a riveting tale of triumph and tragedy.

As the film takes center stage, it also brings to light the often-overlooked impacts on a community living downwind from the top-secret Manhattan Project testing site in southern New Mexico.

A Forgotten Legacy

While the film industry and critics praise “Oppenheimer,” a sense of frustration prevails among the residents of New Mexico’s Tularosa Basin, who continue to grapple with the consequences of the Manhattan Project. Tina Cordova, a cancer survivor and founder of the Tularosa Basin Downwinders Consortium, expresses their feelings, stating, “They invaded our lives and our lands and then they left,” referring to the scientists and military personnel who conducted secret experiments over 200 miles away from their community.

The Consortium, alongside organizations like the Union of Concerned Scientists, has been striving to raise awareness about the impact of the Manhattan Project on New Mexico’s population. Advocates emphasize the necessity of acknowledging the human cost of the Trinity Test, the first atomic blast, and other nuclear weapons activities that have affected countless lives in the state.

The Ongoing Struggle for Recognition

As film enthusiasts celebrate the drama and brilliance of “Oppenheimer,” New Mexico downwinders feel overlooked by both the U.S. government and movie producers. The federal government’s compensation program for radiation exposure still does not include these affected individuals. The government’s selection of the remote and flat Trinity Test Site, without warning residents in the surrounding areas, further added to the controversy.

Living off the land, the rural population in the Tularosa Basin had no idea that the fine ash settling on their homes and fields was a result of the world’s first atomic explosion.

The government initially attempted to cover up the incident, attributing the bright light and rumble to an explosion at a munitions dump. It was only after the U.S. dropped atomic bombs on Japan weeks later that New Mexico residents realized the magnitude of what they had witnessed.

Tracing the Fallout

According to the Manhattan Project National Historical Park, large amounts of radiation were released into the atmosphere during the Trinity Test, with fallout descending over a vast area. Some of the fallout reached as far as the Atlantic Ocean, but the greatest concentration settled approximately 30 miles from the test site.

Now I Am Become Death, the Destroyer of Worlds.

J. Robert Oppenheimer

The consequences of this catastrophic event have affected generations of New Mexicans, who still await recognition and justice for the harm caused by nuclear weapons.

A Tale of Contrasts: Los Alamos and the Legacy of Oppenheimer

As the film’s spotlight shines on the life of J. Robert Oppenheimer, a contrasting narrative unfolds in Los Alamos, more than 200 miles north of the Tularosa Basin. Los Alamos stands as a symbol of Oppenheimer’s legacy, housing one of the nation’s premier national laboratories and boasting the highest percentage of people with doctorate degrees in the U.S.

Oppenheimer’s influence is evident throughout Los Alamos, with a street bearing his name and an IPA named in his honor at a local brewery. The city embraces its scientific legacy, showcasing his handwritten notes and ID card in a museum exhibit. Los Alamos National Laboratory employees played a significant role in the film, contributing as extras and engaging in enlightening discussions during breaks.

The “Oppenheimer” Movie

Director Christopher Nolan’s perspective on the Trinity Test and its profound impact is evident in his approach to “Oppenheimer.” He has described the event as an extraordinary moment in human history and expressed his desire to immerse the audience in the pivotal moment when the button was pushed. Nolan’s dedication to bringing historical accuracy and emotional depth to the screen is evident as he draws inspiration from Kai Bird and Martin J. Sherwin’s Pulitzer Prize-winning book, “American Prometheus: The Triumph and Tragedy of J. Robert Oppenheimer.

For Nolan, Oppenheimer’s story is a potent blend of dreams and nightmares, capturing the complexity and consequences of the Manhattan Project. As the film reaches global audiences, it also offers a unique opportunity to raise awareness about the downwinders in New Mexico, whose lives were forever altered by the legacy of nuclear weapons testing.

The Oppenheimer Festival and Beyond

Los Alamos is determined to use the Oppenheimer Festival as an opportunity to educate visitors about the true stories behind the film’s events. The county’s “Project Oppenheimer” initiative, launched in early 2023, encompasses forums, documentaries, art installations, and exhibits that delve into the scientific contributions of the laboratory and the social implications of the Manhattan Project.

A special area during the festival will facilitate discussions about the movie, fostering a deeper understanding of the community’s history. The county aims to continue revisiting and discussing the legacy of the Manhattan Project, ensuring that the impact of this pivotal moment in history is never forgotten.

As “Oppenheimer” takes audiences on an emotional journey, it serves as a reminder that every historical event carries with it complex and multifaceted implications. The movie may celebrate the scientific achievements of the past, but it also illuminates the urgent need to recognize and address the human cost that persists to this day.


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