More than 1.8m sq ft of new lab space needs to be built in the ‘golden triangle’ to satisfy active requirements, according to new data from Knight Frank.
There is currently circa 2.2m sq ft of active requirements for space in the golden triangle area between Oxford, Cambridge and London, but there is only around 385,000 sq ft of available space.
Take-up of space in the area in Q2 hit 314,325 sq ft – a 20% increase on the same period last year and 125% higher than the five-year regional average.
In Cambridge, there was circa 86,000 sq ft of take-up in Q2 – almost six times greater than the same period last year – and in Oxford take-up was 16 times greater than in Q2 2022, hitting circa 162,000 sq ft, with key deals including Moderna taking 145,000 sq ft at Harwell Campus (pictured).
Emma Goodford, head of life sciences and innovation at Knight Frank, said: “The golden triangle remains the focal point for real estate demand from the UK’s life sciences occupiers. Recently announced government funding packages and measures aimed at accelerating the sector’s growth, though positive steps reflecting the importance of life sciences to the economy, increase the urgency with which new high-quality space must be delivered in markets of particularly high demand.
“Through new development and refurbishment, new life sciences lab, office and educational space needs to be delivered at pace in order to permit the sector’s continued growth.”
