Take-up of science-related space across the Golden Triangle fell 26% to 321,222 sq ft in Q1 2025 compared with the same period last year, according to new data from Savills.
So far this year, London has seen 48,317 sq ft of take-up, a 15% increase on activity in 2024, and in Cambridge, Q1 take-up hit 204,166 sq ft – the second highest total recorded in the past five years. Activity in Cambridge was bolstered by ARM taking more than 95,000 sq ft at Peterhouse Technology Park (pictured).
Oxford had a more muted start to Q1, with take-up totalling 68,739 sq ft, 62% of which was for lab or mid-tech space.
However, Savills expects activity to pick up over the course of the year with active demand totalling circa 1.1m sq ft. In London, there is circa 140,000 sq ft of lab space currently under offer and expected to transact this year and there are a number of key active requirements totalling up to 330,000 sq ft.
There also remains significant demand in the Cambridge market, with more than 400,000 sq ft of active requirements. In Oxford, there is currently 85,000 sq ft under offer at both Quad 3 at Harwell and Inventa on Botley Road. This, coupled with a number of key requirements, including Vertex searching for 120,000 sq ft, should see an uptick in activity throughout 2025.
Tom Mellows, head of UK science at Savills, said: “As we know, VC funding challenges have made some companies more cautious over the last 12 to18 months and although it is too early to predict the impact of the recent US tariff policy, this could well disrupt global supply chains for more mature companies unless resolved quickly.
“However, we are seeing more VC-backed businesses able to access new investment and re-activate space requirements. While the first quarter of 2025 was subdued, there are clear signs of recovery and we anticipate growing momentum throughout the rest of 2025.”
