Take-up of life sciences space across the ‘Golden Triangle’ of Oxford, Cambridge and London in the first nine months of 2026 rose 12.1% to 499,711 sq ft, according to the latest data from Knight Frank.
Take-up in Oxford is up 22.3% at 156,491 sq ft so far this year and in Cambridge leasing activity is up 20.4% at 224,116 sq ft. London is 9.5% lower at 119,104 sq ft.
The third quarter was subdued with 67,725 sq ft let across the three markets, down 65.7% on Q2 and the lowest quarterly total since Q1 2022.
Across Oxford and Cambridge, 24 deals completed in the first nine months of 2026 compared with 36 in the same period of 2025. In London, there were 18 transactions compared with 13 in the same period of 2025.
AI occupiers have taken just under 1m sq ft of office space in London so far in 2026 – twice the amount recorded across the whole of 2025. Knight Frank’s analysis shows that London is Europe’s leading AI city with 866 AI companies of more than 25 employees located in the capital, employing around 111,000 people, with 947 AI venture transactions completing in the past year.
Jennifer Townsend, partner, life sciences research, at Knight Frank: “A 67,725 sq ft quarter looks weaker until you set it against a nine month total that is 12% ahead of last year, a sentiment index that has finally turned positive and VC funding that is up year-on-year. A notable theme is the changing nature of demand. A growing share of take-up is not from biopharma companies. Quantum, defence tech, robotics, clean tech and AI-native businesses took some of the biggest Golden Triangle space of 2026, and in London AI occupiers alone have taken close to 1m sq ft this year. The science and innovation market now has several engines, not one.”
Nicholas Blevins, partner, head of life sciences and innovation at Knight Frank, added: “For landlords and developers the message is to build for convergence. The buildings letting today combine fitted lab space with dry labs, automation and serious power, or offer secure, adaptable industrial space close to talent and test facilities. With 2.39m sq ft under construction to 2028, two-thirds of it in London, occupiers will have more choice over the next two years, and the schemes that win will be the ones that can flex between lab, office and light-industrial use.
“Government is ramping up its investment in some of the UK’s most promising science and innovation companies, and fiscal devolution means mayors will have greater powers to shape the conditions that attract these occupiers and support their growth. Places like Manchester and Oxfordshire have recently set out what they want to attract; the question for the market is whether the space will be there when they succeed.”
