According to Savills, take-up of life science-related space reached 629,374 square feet at the end of H1 2022, with volumes on track to exceed last year’s totals.
The company looked to the main markets of Oxford, Cambridge, Greater London, the South East, White City and Central London to record all kinds of deals including offices, laboratories and office space to be converted into laboratories.
The UK figure for the first half of the year was 11 per cent higher than the 2021 H1 total and just 29 per cent lower than the total amount transacted during the year.
Seville anticipates a potential upside in 2022 and 2023 due to increased pre-letting activity due to the number of lab-enabled plans coming through the pipeline over the next 12 to 18 months.
Examples include Prologis’s 103,000-square-foot building, 1000 Discovery Drive, under construction on the Cambridge Biomedical Campus; Reef & BA’s 112,000-square-foot Apex Building in Tribeca, King’s Cross; The first phase of St John’s College’s Thomas White Oxford, Cadillac Fairview and Stanhope’s Oxford North plan, totaling 145,000 square feet, is scheduled to begin at the site later this year.
Currently, London, Stevenage, Oxford and Cambridge have requirements of 4.5 million square feet, which will “likely fuel activity” during the second half of the year.
Tom Mellose, Head of UK Science at Savills, said: “While fundraising in the life sciences sector has slowed significantly since last year, it is largely accompanied by significant macro-economic headwinds that are currently affecting all markets at this point in time. are.
“As we can see from the transaction data, life science practitioners remain resilient and as further growth we can see we surpass long-term averages.
“It is because of the continued confidence in this area that we are seeing more landlords enter this space.”
