London’s burgeoning life sciences sector risks being held back by a lack of available lab space, according to global property adviser Knight Frank.
New data from Knight Frank shows that ‘live’ demand for lab space in the capital stands at 974,500 square feet, following a total of £1.8 billion (€2.1 billion/$2.3 billion) in venture capital investment in London life sciences in 2023, and a 61 percent increase year-over-year (y-o-y) in new company incorporations.
But available lab space stands at just 179,295 square feet – less than a quarter of current demand. Major developments set to complete in 2024 – including Oxford Properties’ repurposing of Victoria House in Bloomsbury and Apex Tribeca, Reef Group’s innovation hub at King’s Cross – will deliver 664,300 square feet, leaving a shortfall of more than 100,000 square feet.
According to Knight Frank, the Golden Triangle – which comprises London, Oxford and Cambridge – could face more comp
