Cambridge lab space take-up soars

Demand for laboratory space in Cambridge is booming, with take-up jumping last year. According to Savills, take-up of laboratory space in the city was 10 times higher in 2019, rising from 17,145 sq ft  in 2018 to more than 214,100 sq ft (19,890 sq m) last year.  This equates to 29% of all transactions over the past 12 months.  Key deals in 2019 included RxCelerate UK occupying 25,000 sq ft at the Babraham Research Campus, which saw 79,000 sq ft of space let in total last year. Lonza and Microbiotica took 41,325 sq ft and 18,894 sq ft respectively at Chesterford Research Park.  Across the UK the level of capital raised by UK headquartered life science companies (including M&A, IPO and venture capital transactions) hit £27.6bn in 2019, an 135% increase on 2018.  William Clarke, director in the business space team at Savills Cambridge, said: “Where previously we have seen occupiers take the build-to-suit option when it comes to laboratory space, we are now seeing a surge in requirements for existing fitted product, especially as firms look to upscale on a reactive basis. “Consequently, developers are having to factor this in when commencing new schemes across the city. Cambridge has always had a reputation as a key UK tech and life science innovation hub, so it is crucial that we cater for the unique demands of these types of businesses in order to further enhance the reputation of the region.”  To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette