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Simon Glenn and Matt Smith are joint heads of DTRE’s Science and Technology team.
The UK is in a global race to attract and retain the science and technology innovators of the future. And, despite the grand claims of some politicians, it still lags some way behind.

To become a ‘science and technology superpower’ – with cutting-edge sectors capable of driving the country’s economic future – much more needs to be done to ensure we are building an environment that breeds confidence for investors and in which businesses can thrive.
One (often overlooked) piece in this puzzle is meeting the increasingly pressing demand for specialist physical spaces and the needs of the investors and developers that can provide them. Regulation and skills mean nothing without the mission critical infrastructure required to allow occupiers to do what they do best.

In a recent trip to Boston, the DTRE Science and Technology team had the opportunity to experience in-person what exactly these specialist spaces, at scale, can look like. Greater Boston is the leading science and technology hub in the US, with GEN reporting 55.9 million square feet of existing inventory.

Science and technology real estate investors and developers have played their part, committing significant capital to make the hub a reality. Now, it’s a market that has attracted some of the
biggest names in pharmaceuticals and – according to the Biotechnology Innovation Organisation – added $2.9 trillion and 2.1 million jobs to the US economy in 2021.

The UK’s Golden Triangle is home to world-leading academic institutions and some of the biggest players in the most innovative sectors. There is no reason that the region cannot be a similarly
powerful driver of growth for the UK. But it’s no simple fix, and no easy market.

The needs of today’s most innovative occupiers are far more advanced than those of before. Their technical requirements are varied and uniquely stringent from one business to the next. These are developers facing high regulatory hurdles, above and beyond those already posed by the UK’s labyrinthine planning regime, and investors struggling through a cautious macroeconomic environment. They need to know that their money is going where it matters most.

And it’s about more than just life sciences. Much has been made of the UK’s potential to lead the way in this important niche, but there is a much wider group of cutting-edge occupiers that are worthy of attention (and investment) too, such as those focused on AI, robotics, or nanotech, to
name just a few. These are businesses with no need for petri dishes but that still have their own very unique set of infrastructure requirements.

With demand for specialist spaces in the UK reaching new heights, these obstacles threaten to pinch the – still growing but so-far largely undelivered – pipeline of suitable sites. Expertise, guile and gnarly experience are required to smooth the process, speed up delivery and house the innovators of today and tomorrow. Expert real estate advice is needed, now more than ever, to meet the UK’s science and technology opportunity.

With more than 60 years’ of combined science and technology expertise and first-hand developer experience, DTRE is a science and technology specialist. We harness best-in-class market intelligence, research and data, meaning we know what businesses – from occupiers and operators, to developers and investors – need to operate at their best.

To get ahead, businesses need to be tapped into the breadth and complexity of the UK’s science and technology property market – with an overview of the trends that are driving it and the detail that sits beneath the headlines.

The UK remains a place with enormous science and technology potential. Having ourselves advised on over £1 billion in development transactions, and with DTRE currently instructed on leasing over 3 million square feet, we are experienced advisors in a nascent market: enabling our clients to build their future here and deliver on the UK’s technological ambitions.

Delivering Spaces Fit For Britain’s Future

At a quick glance, the storied City of London - the nation’s financial hub - has little in common with the UK’s life sciences sector. It’s suits, not lab coats.


But, can many of the same characteristics that make the City the country’s financial engine room also power something special in life sciences?


The UK Government describes the life sciences sector as among the most valuable and strategically important to our economy, as well as being critical to the country’s health, wealth, and resilience (Life Sciences Vision 2021).


With its reputation as one of the historic birthplaces of commerce and trade, the City has been making significant strides in diversifying its economy and nurturing a thriving innovation ecosystem.

 The City’s established position as a global financial hub provides a solid foundation for innovation. Its high concentration of financial institutions, venture capital firms, and angel investors have fuelled the growth of start-ups and scale-ups in the life science sector across the UK.

 The City’s excellent infrastructure, including high-speed internet connectivity and resilient power network, is essential for start-up bio-technology companies, providing them with the mission-critical elements to conduct their research and race towards the next milestone. Its central location and robust transport infrastructure make it easily accessible for talent, investors, and partners from across the capital and beyond. 

Both the City of London Corporation and the UK Government have recognized the potential of the City becoming a global innovation cluster. Initiatives such as the Future City Initiative and the FinTech Strategy, along with funding programs and tax incentives, demonstrate the commitment to fostering innovation and attracting investment. These efforts enhance the City’s competitiveness and attractiveness as a destination for startups and entrepreneurs.

The City of London offers numerous opportunities for collaboration between start-ups, established businesses, and research institutions. The close proximity of major financial institutions, law firms, and consultancy firms encourages knowledge sharing, mentorship, and strategic partnerships.


A life sciences innovation cluster in waiting, but…


There is real potential for the City of London to become an innovation cluster for life sciences in the UK – much as the Golden Triangle of London, Oxford and Cambridge acts as a pre-eminent cluster in healthcare. Between the three cities, they attract foreign direct investment and drive economic growth for the UK at large, contributing over 45% of the £94.2bn turnover generated by the sector in 2021.


An innovation cluster is defined as a geographic concentration of interconnected companies, research institutions, and supporting organisations that collaborate and innovate within a particular industry or field. 


For the life science sector, innovation clusters play a crucial role in fostering knowledge exchange, and advancement in research and development. These clusters bring together various stakeholders such as pharmaceutical companies, biotechnology firms, academic institutions, teaching hospitals and venture capitalists.


The crucially missing component at present, is suitable real estate for these companies. While the technical specification of these buildings is exacting, in a market with approximately 125 million sq. ft of standing office buildings, it is inconceivable that there are not buildings that would support a conversion to laboratories.


With over one million square feet of named life science occupier demand, and availability of less than one per cent, this is an oversight and London itself should be viewed as the cluster. There is significant strength in marketing London as a cohesive cluster given its access to specialised talent pools, shared resources and infrastructure, collaboration opportunities, funding sources, and a world class transport system allowing an individual to get from Canary Wharf in the East to White City in the West in as little as 38 minutes.


As with many emerging sectors, fortune has favoured the brave, and those that move quickly stand to benefit from the current supply demand imbalance. By embracing emerging technologies and diversifying its economic base, the city can drive forward breakthroughs in life sciences, biotechnology and related sectors, contributing to London’s position as a global innovation hub.


The City of London’s journey from a financial powerhouse to an innovation powerhouse is underway, and the stage is set for its emergence as a thriving and dynamic life sciences cluster in the heart of the Capital.

A Shot In The Arm For The City? Life Sciences & London

Over the past six months, you may have heard various adaptations of the phrases ‘sticky market’, ‘re-adjustment’, ‘the new normal’ or ‘protracted decision making’ when discussing the current state of the industrial and logistics market. However, you will also have heard that ‘rental growth
is still robust’, ‘supply is still tight’ and that there is a ‘flight to new-build quality product’.

Whatever your stance on the current market dynamics, all of us are aware that there has been a significant shift since its peak in Q2 2022. Take up has cooled, yields have softened, and speculative
development volumes have eased off.  However, we have to be very careful when depicting what this means for the industrial and logistics sector. 

The ‘race for space’ since March 2020 saw record volumes of take up and deals completed. Contracts were being awarded in record numbers in the 3PL market, coupled with unprecedented sales in the online retail markets. This created the perfect storm for the industrial and logistics sector, especially in the Midlands region, which saw up to 35% rental growth in those three years. My fellow Partner, Jamie Catherall, wrote a Credible Thinking piece on the effect this had once the dust had settled, with the release of up to 6.2m sq ft of grey space into the market. 

Most of that space now has identified occupiers attached to it, and in some circumstances, at significant levels of profit rent. Furthermore, aside from Wolverhampton 450 in the West Midlands,
there’s been no new announcements of grey space being released into the market so far this quarter. So where does that leave us now?

My view is that occupiers will now be looking at longer term, more strategic acquisitions for XXL (500,000 sq ft +) distribution facilities. The key drivers for this for this will be supply chain efficiencies created through consolidation of existing portfolios, the requirement for more space as a result of onshoring of operations and stockpiling. ESG credentials driven at board, shareholder and staff level will also have an ever-increasing impact coupled with the fact senior decision makers now actually have time to sit back, take stock and plan.

Given the scale of these acquisitions from both a logistical (fit out programmes, potential redundancies and recruitment) and indeed a rent roll perspective, it is therefore not a surprise that negotiations are ‘stickier’ and more ‘protracted.’ However, we are still witnessing sustained enquiry volumes and progressed discussions with occupiers, but these have not yet converted into done deals. This was reflected in DTRE’s Q1 23 take up figures, which saw 5.6m sq ft of take up, down 19% on the pre-Covid quarterly average.

However, DTRE are currently monitoring 8.6m sq ft of active and genuine ‘Big Box’ requirements currently in the Midlands and Southeast alone. This is across 14 named occupiers and 19 requirements (made up of retailers, supermarkets and logistics businesses) with an average requirement size of 494,000 sq ft. To put this into context against availability, as of today there are only six available units in the whole of the country that could accommodate a requirement of this size, and only half of these are immediately available for occupation today. It is therefore not surprising that the focus has shifted more towards bespoke design and build solutions to facilitate these ‘XXL’ requirements.

So what can we expect over the next 12 months? I believe void periods on those units of 200-500,000 sq ft will push out to 9 months + as there is less sustained take up, those units over 500,000 sq ft will be rewarded with shorter voids and record rental levels for XXL buildings, and finally a record proportion of take up will be via bespoke design and build solutions, especially in the Midlands where sites that can accommodate these developments are more readily available. Watch this space…

What's next for Industrial & Logistics demand?

Following the pandemic there was a surge in venture capital funding looking to invest in Life Science companies at many points along their journeys. The venture capitalists were less worried about business failure than they were about missing the chance of discovering a unicorn. In 2021, £4.5bn was raised in the UK for life sciences. In 2022, as the macroeconomic picture started to worsen, the funding taps which were a deluge in 2021 turned towards a steady flow in 2022 with £3bn being raised (still the second best year on record). By no means has the fundraising dried up, but without a doubt it has become more selective and the “COVID Effect” receded.

Life sciences and property are the meeting of contrasting minds and concept, the tangible vs the intangible, physical vs abstract, Oxford vs Oxford Brookes, but actually when it comes to understanding the real estate, it is the scientists who need the education, as real estate has come second in their minds for too long. Real estate costs were never a consideration for these companies when they had endless funding, but as the funding pinch starts to be felt across the sector, the cost of the real estate begins to be a question on the scientist’s lips.

As cost becomes an issue, the question that keeps being raised is how we can deliver a value alternative to the full specification research and development buildings where investors have paid £10m+ per acre for the land. The answer is that you can’t, but also that this is not a problem, not all companies need to be in the “CBD”, there are locations on the fringes that often work much better for companies that are traditionally secretive and elusive. The value alternative is not a 5 storey fitted lab building with a £500psf base build cost, but it is something close to DTRE’s heart….a shed.
4 walls and a roof with a loading door and a yard. Tenants have been using this product with their fit out for years, but landlords have not been rentalising it, they have achieved industrial rents despite the tenant fit out often being significantly higher in value than the real estate itself.

Is it just 4 walls and a tin roof? It is not quite that simple, life science is about the clustering of minds and businesses, it is about ecosystem creation and it is about access to talent. These buildings have to look the part (see image above). The internal however is less bespoke. It is an industrial shell on the ground floor, with a minimum height of approximately 4 metres to the underside of the mezzanine floor. The mezzanine should cover a minimum of 50% of the floor area to allow an adequate provision for write up space, and be fitted out to Cat A office, as speed to occupation is critical for these companies. The ability to load directly to the first floor is important, and the ability to have heavy manufacturing equipment often requires a portion of the building to be full height. When you pour these ingredients into the melting pot, what you get is mid-tech. 

The greenery, the space, the ecosystem, the lack of competing supply all lead to the higher rents. To make mid-tech work, it has to be located close to the high specification R&D to allow for the clustering effect, whilst offering a value alternative to the differing business needs of these companies which will include GMP and logistics requirements. There is in excess of 3m sq ft of high value R&D being brought through the Cambridge planning system, and because of this, ancillary and lower value science and technology uses will grow. We will start to see the gap between mid-tech and those for advanced specification laboratory buildings close but there is a lot of headroom. Tenants in most cases where requirements are over 5,000 sq ft prefer to do their own fit out as it becomes more specialised than generic, so a base rent of £25 per sq ft instead of £60+ for a property delivered to them as shell and core will start to look attractive as the funding taps continue to tighten, which invariably they will, and capital preservation becomes increasingly important. 

The growth of midtech will come around the life science clusters in the UK, they will come on the points of the Golden Triangle, not within the dark shaded area within the triangle where there is an embarrassing amount of commentary to say the entirety of the triangle has the potential to be a cluster. Until the University of Luton becomes a global leader in molecular biology then it has no life science ingredients at all, buildings on Capability Green do not have a ‘life science angle’. 

We have seen the birth of the ‘mid-tech’ sector at Oxford Technology Park and at Harwell, but these parks barely scratch the itch, the goal is open – developers just need to take a shot.

The Rise of Midtech 

On the back of our most successful and well attended Eurologix event, with over 550 market participants mingling alongside our co-sponsor clients Prologis, Tritax and Oxenwood, we thought it would be fitting to summarise our view on the current dynamic of European Logistics market.

Amid announcements about the collapse of SVB and the offer of a bailout for Credit Suisse, Investor sentiment at MIPIM felt surprisingly buoyant, with a mood of “purposeful optimism,” especially when compared with last year’s EXPO conference when sentiment was overshadowed by the fallout from the ‘Kamikwasi’ mini budget and a sudden increase of 75bps in the ECB interest rate to 1.50%. 

Rates in Europe have since climbed to 3.00% but compared to last October there seems to be less interest rate anxiety and more clarity about the likely future condition of the funding market albeit Credit Suisse and SVB are testing this theory. 

The MIPIM consensus is that this is not 2008 replaying itself. There is adequate liquidity in the debt market, the equity market is flush with firepower, and logistics vacancy rates continue to fall. The strength of demand in the occupational market is unlikely to change given the lack of new development and record levels of take-up, driven by the clear structural change in the way we consume products and services. 

Against this backdrop DTRE strongly believe that logistics rents in Europe are structurally “under-priced” especially in the major European conurbations. For example, London logistic last mile prime rents are 5x higher than equivalent Paris prime rents. 

Despite the health of the occupational market, the volume of tradable stock remains very low. With c.$45bn raised globally in the last two years specifically for Logistics there is a mismatch between supply of stock and capital demand, partly driven by Vendor reluctance to accept the new pricing norms driven by the shift in interest rates and Bond pricing. 

This is perhaps a more acute issue in Europe than in the UK. European owners appear not as accepting of the changing pricing climate and are adopting more of a ‘wait and see’ approach. Consequently, pricing has not rebased as quickly as the UK and the USA where the brokerage community, which fosters data sharing and greater transparency, has enabled the market to reset more quickly. Additionally, over the last 6 months, increased redemptions from the UK Retail Funds required some tactical selling which quite brutally, exposed the rebased market pricing. This hasn’t happened in Europe.

This temporary lull in the market, has given investors time to review their portfolio allocations, geographic spread and asses where the growth opportunities lie. European logistics markets are broadly less mature than the UK with lower online sales penetration, lower rents, and overall, less future proofed stock. We see these circumstance as a significant opportunity for our investor and developer clients to voyage into new markets. 

In summary, DTRE’s key takeaways from MIPIM are:

DTRE, along with our sponsors, look forward to welcoming you back to Eurologix next year, where we see the sentiment and party improving once again.

MIPIM & the European Logistics Market

50 shades of Grey Space
The impact of a rise in Grey Space in the UK Logistics Market

2022 was another strong year for industrial real estate, with demand the 3rd highest on record. Swathes of warehousing was taken up by logistics occupiers in a race for space only surpassed by the two ‘Covid’ years prior. All of this without Amazon even taking a single square foot, illustrated a
depth to the market that some had questioned. New sectors announced their entry into the market and new entrants made a splash and 2023 has continued in a similar vein with occupier demand still high and vacancy low - at 3.65%. However, there is a rising trend to monitor. Grey Space. 

Grey Space, aka Tenant Supply, is not a new phenomenon, there have always been subleases in the market. Some more available than others and there is an underworld of space that is more ‘off-market’ than ‘on’ and never makes it to the open market. Typically the space is more flexible - in occupation period, size and fit-out, which makes it more fluid. It also makes the data more difficult to analyse and with the recent headlines of major occupiers, such as Amazon, Arrival, Super Smart and TPN announcing they’re offloading space, it’s worth adding some context to the situation.
In the industry Grey Space as a term refers to existing leases where occupiers are looking to dispose of part or all of their existing obligation. They can sub-let or assign. That might be part or all of the space. It might be for a short, medium or long term. It might be at a discount rent, passing rent or at a ‘profit rent’. The point is there are lots of routes one can follow. Right now across the UK, we calculate there to be 6.2M sq ft of Grey Space, however, not all of that 6.2M sq ft is ‘fully’ available: some of it is short term; some of the occupiers are only subletting part; and similarly some of the occupiers who are marketing multiple assets do not want to offload all of them but can be flexible. Much of the sub-leasing is ‘strategic’. 

Once these nuances are taken into account we estimate only half of the 6.2M sq ft is genuine availability, resulting in a more realistic total of 3.1M sq ft. The Occupational Market remains strong, which is key. Quality of the stock is also key - 65% of the list is ‘Grade A’ ‘new-builds’. 25% of the list has brand new tenant fit-out included, such as racking and mezzanines. 

As I write this article we’re aware of good interest or solicitors instructed on 1.1M sq ft of the space. We’re aware further stock is coming back to the market in Q2, the majority of which is of similar high-quality. Therefore, whilst we forecast the vacancy rate to tick up throughout the year, we also expect tenant demand to remain strong at close to 36 million sq ft, and thus keep a lid on the vacancy rate to below 5% by end 2023. As always, it’s important to read beyond just the headline data to really understand the nuances within the market.

50 Shades of Grey Space

Men are from Mars and women are... well, let’s just say we’re certainly not - that’s why I’m a firm advocate that workplace diversity leads to increased productivity. We think, process and action in different ways - and that’s ok! 

On realising it was International Women’s Day this week, it got me thinking about my own personal experience around this topic as a female logistics expert. 

Property is a male dominated industry, as we all know, and this is arguably most acute in the industrial sector - nonetheless, this has been my bread and butter for the past 10 years and I can’t imagine doing anything else.

Whilst I do appreciate the challenges faced by women in our industry, I’d prefer to look at how far we have come and applaud the diversification of our industry and the people in it, whether that be male or female…but let’s stay on topic. 

Almost 6 years ago I stepped foot into the Brook Street office on my first day with DTRE. Comprising just 17 people, only 3 of which were women, including me, as the only female fee earner. This is the moment where I’m meant to say that I resented being the only one, but that wouldn’t be true. Yes, it
can feel isolating at times to be the minority in a perceived or otherwise, world of ‘patriarchal’ golf playing males. However, between you and I, whilst I don’t know my 6 iron from my driver the doors aren’t closed. In fact, my experience has certainly shown me that the gates are firmly open when you find a business that’s willing to back you, learn and evolve.

Despite modest gains in female representation, are things always fair in the property industry? Probably not, but do I think we’re moving in the right direction and reaping the benefits; and am I excited to see what the future hold for the women of our industry - yes! 

I’ve been lucky to work with some incredibly talented and inspiring ladies through my career from operations to investment, planning to agency, development and legal. I’ve benefited from watching them rightfully work their way up the corporate ladder and that’s what has inspired me. Add to this an industry that is willing to grow and learn and you’ve got real progress. 

No one said it wouldn’t be challenging to make this progress as a minority in an established industry; however, through persistence, drive and a plethora of ever-increasing female talent coming through the logistics world, in my view, the future looks bright. 

I’m delighted to say that as a business, DTRE has moved a long way since I joined in 2017 and as a team of 53, we now have 16 women, including 1 market leading international female affiliate and our first female DTRE IAS committee member - that’s just over 30% of our total workforce. I’m incredibly proud to be part of such a forward-thinking industrial and life science advisory business that listened, has heard, and reacted. 

I know that diversity goes much further than simply the subject of men and women, and whilst we still have a way to go, I’m thrilled about DTRE’s ongoing commitment to DE&I. 

There’s no doubt in my mind that the growth of our profession is linked to growth in diversity. And I’m not trying to say that the industrial sector has reached astronomic heights as a result of the growth of women joining the sector over the past 10 years - but hey, the stats don’t lie!! 

International Women's Day - look how far we've come

My previous ‘Credible Thinking’ piece, written from my living room in the depths of lockdown #1, highlighted the incredible performance in the ‘Big Box’ (300,000 sq ft+) market since start of the pandemic. It’s safe to say, this trend has not abated in the 21 months since.

In 2021, take up in the ‘Big Box’ market equated to 29.4m sq ft, which is the equivalent of 59% of total figures for the year (100,000 sq ft +). Occupiers’ flight to ‘bigger is better’ has become very apparent as they are looking to improve their supply chains. As a result of this, there are currently only three available new build units that are immediately available to occupy over 300,000 sq ft (excluding those under offer and/or under construction).
The headline grabber of the last 18 months has been the level of rental growth that has been witnessed around the country. One of the best performing markets has been the Midlands which has witnessed an unprecedented increase in the headline rents being achieved.

Whilst proposals are being circulated ahead of these levels, achieved prime rents on new build product now stands at £8.75 psf in the ‘Golden Triangle’ which is an increase of 23% in as little as 18 months. For context, that is as much rental growth as had been witnessed in the 10 years from 2009 to 2019 and, if the growth continued on that trajectory, prime rents would be £10.75 psf by Q4 2023.
Northampton is set to break the £9.00 psf mark shortly and Birmingham should see its first double digit rent on a unit just shy of 100,000 sq ft. Once the mental barrier around achieving double digit rents starts to be eroded, we anticipate that a number of schemes will push their quoting rents upwards, in an attempt to capitalise on this sustained period of demand.
The market accepted discount in rent for quantum may and should become a thing of the past. If anything, there is a strong case to be put forward for a rental premium for those sites that can deliver larger scale facilities, few as they are. In any global marketplace, if demand is increasing for an asset (in this case a 300,000 sq ft + ‘Big Box’), and the availability of said asset is the most depleted, the fundamentals of demand v supply dynamics would dictate a premium should be paid for that asset. Watch this space.
Clearly there are currently other factors at play than just the strong depth of occupier demand and dwindling supply. Inflationary pressures and long lead times on building materials are having an impact
on build costs. These cost increases have to be absorbed in the deal terms, whether that be increasing the rent, a shortening of incentives or an increase in the lease term. Realistically we are seeing all three
metrics sway in favour of landlords. Especially those who are willing to be more robust on leasing terms.
With a UK vacancy rate of 2.6%, the lowest ever recorded, this upward rental trajectory is set to continue in the short to medium term. Whether it continues as the pace of the last 18 months is yet to be seen, but what is clear is that rents aren’t going to plateau at their current levels any time soon. The extent of occupiers demanding space is as diverse as it’s been for a long time and we are seeing less and less mention of and reliance upon, the ‘Big A’.
As long as the healthy level of demand we are seeing across all of our enquiry schedules continues in a similar vein, this market still has a healthy amount of growth yet to be unlocked.

UK Market Fundamentals Remain Strong for 'Big Box' Logistics

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