London’s burgeoning life sciences sector is in danger of being held back by a lack of available lab space, according to new data from Knight Frank.
The firm’s figures show there is currently ‘live’ demand for 974,500 sq ft of lab space in the capital, however, there is just 179,295 sq ft of space available.
In 2024, developments including Oxford Properties’ repurposing of Victoria House in Bloomsbury and Reef Group’s Apex Tribeca innovation hub at King’s Cross, will deliver 664,300 sq ft of new space in London, leaving a shortfall of more than 100,000 sq ft.
Emma Goodford, head of life sciences and innovation at Knight Frank, said: “An epicentre for academia and finance, London has enormous potential for growth across the life sciences sector. With government support for the sector only to set increase given the ambition to establish the UK as a science superpower, we will continue to advancements in emerging technologies such as quantum computing and artificial intelligence, which will give rise to more start-ups and spin-outs. The challenge will be to ensure development can keep pace with demand and we can provide the infrastructure for these businesses to thrive and grow.”
Jennifer Townsend, partner at Knight Frank, added: “Though the supply of high quality lab space in London will increase over the next 12 months the capital is still facing a shortfall. The UK life sciences sector is expanding at pace across the UK, with science and innovation seen as fundamental to the ‘levelling up’ of regional economies. It is vital that we deliver the right lab infrastructure in London, and across the country, to support the growth of life sciences hubs that are sustainable and complimentary.”
