London faces lab shortfall in 2024
London’s life sciences community risks being held back by a lack of available lab space, Knight Frank has warned.
According to the most recent data, demand for lab space in the capital stands at 974,500 sq ft, while availability is just 179,295 sq ft – less than a quarter of current requirements.
Major developments set to complete in 2024, including Oxford Properties’ repurposing of Victoria House in Bloomsbury, WC1, and Apex Tribeca, Reef Group’s innovation hub at King’s Cross, N1, will deliver 664,300 sq ft, leaving a shortfall of more than 100,000 sq ft.
London’s life sciences community risks being held back by a lack of available lab space, Knight Frank has warned.
According to the most recent data, demand for lab space in the capital stands at 974,500 sq ft, while availability is just 179,295 sq ft – less than a quarter of current requirements.
Major developments set to complete in 2024, including Oxford Properties’ repurposing of Victoria House in Bloomsbury, WC1, and Apex Tribeca, Reef Group’s innovation hub at King’s Cross, N1, will deliver 664,300 sq ft, leaving a shortfall of more than 100,000 sq ft.
The jump in demand comes after £1.8bn of venture capital investment was secured by life sciences firms in London last year, marking a 61% increase in new company incorporations year-on-year.
Emma Goodford, head of life sciences and innovation at Knight Frank, said: “An epicentre for academia and finance, London has enormous potential for growth across the life sciences sector.
“The challenge will be to ensure development can keep pace with demand and we can provide the infrastructure for these businesses to thrive and grow.”
Jennifer Townsend, partner at Knight Frank, added: “The UK life sciences sector is expanding at pace across the UK, with science and innovation seen as fundamental to the ‘levelling up’ of regional economies. It is vital that we deliver the right lab infrastructure in London, and across the country, to support the growth of life sciences hubs that are sustainable and complementary.”
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