United Kingdom’s Golden Triangle suffering from 1.8msf shortfall of lab space
The United Kingdom’s life sciences Golden Triangle, between Oxford, Cambridge and London, requires more than 1.8 million square feet of new lab space to satisfy active requirements, according to new research from global property adviser Knight Frank.
Active requirements across the Golden Triangle currently stand at 2.2 million square feet, according to Knight Frank, but the region only has 385,000 square feet of available space. Available space was constrained by 314,325 square feet of life sciences take-up in second quarter, a 20 percent increase versus the same period in 2022 and 125 percent higher than the five-year average for the region.
New lettings in Cambridge and Oxford accounted for 79 percent of this growth. Cambridge saw c. 86,000 square feet of take-up in second quarter, almost six times greater than the same period last year while in Oxford take-up was 16 times greater than in second quarter 2022, reaching 162,000 square feet. Key deals included Moderna