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Life sciences investment, development and leasing activity across the Golden Triangle markets remained relatively resilient through 2024, ending on a high and with a good level of optimism for the year ahead.

Green shoots appear for life sciences real estate

A magnet for their employees and a welcoming atmosphere for clients

•	Jim Remfry will join as Co-Head of Alternative Capital Markets, strengthening DTRE’s presence in this rapidly evolving market segment.

•	Jim was Co-Founder and Partner of Clifton Agency and will bring in excess of £200m of sales mandates.

•	Charlie Moulton will also join the Alternatives team as Associate Partner from Kimmre.

DTRE has today announced the appointment of Jim Remfry as Co-Head and Charlie Moulton as Associate Partner, marking a significant boost to DTRE’s fast-growing Alternative Capital Markets team. 

In his new role, Jim will work alongside fellow Co-Head Harry Glatman to expand DTRE’s presence in this fast-growing market. They will provide advice across various sectors, including PBSA, co-living and BTR, healthcare, hospitality, retail warehousing and supermarkets.

Jim joins DTRE from Clifton Agency, where he was Co-Founder and Partner, advising UK institutions, property companies and several Local Authorities. He began his surveying career as an Investment Agent with Knight Frank and GVA in the North West, before moving to London to work with retail experts CWM for 10 years as a Partner.

Over the past five years, Jim has worked closely with retained clients across several sectors, successfully managing several high-profile department store redevelopments, strategic land acquisitions and disposals, PRS and BTR projects, and, more recently, projects in the healthcare sector. Jim’s broad experience will complement DTRE’s existing offering in the Alternative Capital Markets team.

Charlie, meanwhile, joins from Kimmre where he advised clients in the hospitality, PBSA and office sectors on the acquisition, disposal and development of properties across the UK. 

Jim and Charlie are the latest additions to DTRE’s fast-growing Alternatives team, which also includes James Cook and Joe Dowley. Spanning the entirety of the UK, the team has already secured in excess of £500m of instructions – which spans over 2,200 beds in the PBSA space and over 1,000 BTR units – with £100m of investments transacted over the past 12 months. Jim will be transferring all of his existing investment mandates to DTRE, with circa £200m of sales forthcoming in the next six months to add to the teams current impressive offering.

They join DTRE following a strong and transformative year for the business. In April, DTRE announced nine new promotions, elevating the next generation of leaders through the appointment of new business heads. Within Alternative Capital Markets, this included the appointment of Harry Glatman as Co-Head and James Cook as Head of Offices.

“We’re excited to have Jim and Charlie join our Alternatives team at this pivotal time,” said David Turner, Managing Partner of DTRE. “Our unique blend of sector specialism and operational expertise allows us to create significant value for investors and developers alike. I have no doubt they will be instrumental in driving our continued growth and success.”

Jim Remfry, Partner, said: “After working with DTRE over the past couple of years on various transactions, it was an easy decision for me to join the team. I look forward to building on the fantastic work the existing team has undertaken in the past 12 months.” 

“There is a great opportunity to develop and enhance DTRE’s alternatives offering. Many alternative investments are complementary to the overall logistics supply chain, and we will look to capitalise on strong market fundamentals.”

DTRE are also pleased to announce that they will continue to support The John Miles Memorial Scholarship Fund, which Jim jointly launched in conjunction with Reading Real Estate Foundation to support exemplary students in memory of John Miles, a former Partner of Jim’s at CWM. The funding provides support towards studies for the duration of the 3-year course and successful applicants will be offered mentoring and internship opportunities at DTRE.

DTRE is an award-winning, independent commercial property adviser specialising in industrials, logistics, office and life sciences. Wrapping over three decades of blue-chip experience into a more focused, differentiated, data-driven platform, DTRE delivers specialised investment, development and leasing advice to clients throughout the UK and Europe. 

Leveraging its proprietary data platform (Coyote) and market leading research, DTRE provides clients with unparalleled insights and analysis for informed decision-making tailored to their unique needs and challenges. Since being established in 2010, DTRE has provided expert counsel on sales and acquisitions valued in excess of £30bn and advised on circa 100m sq. ft of leasing mandates.

Please contact Harry Roxburgh (hroxburgh@nepean.co.uk / 07814372664)

DTRE boosts Alternatives team with new Co-Head and Partner

Partner
Head of Science & Technology

Matt Smith

20 Sep 2024 | by Simon Glenn, Matt Smith

Problems of oversupply are not an issue in the UK

Matt Smith and Simon Glenn at DTRE respond to Green Street News columnist Oliver Shah’s recent warning that the sharp jump in US lab vacancy rates should give UK developers pause for thought.

Oversupply, rising vacancies and funding challenges: there’s no doubt that the US life sciences real estate market is spluttering. Naturally, given our unhealthy tendency to compare ourselves to the US, some argue that the UK’s own sector should brace for a downturn.

However, though we may be biased, we have reason to believe that a sickly Boston need not raise red flags – the UK has been shaped by very different market dynamics, and possesses unique strengths. The Golden Triangle is positioned to thrive, bolstered by world-class academic institutions, growing demand for healthcare solutions and an industrial growth strategy with life sciences at its heart.

It is true, particularly in key hubs like Boston and San Francisco, that oversupply has driven up vacancy rates and created concerns about the sustainability of demand. This is a consequence of rapid, unchecked investment and expansion in those markets. In typical American fashion, they wanted bigger and better, yesterday.

While some investors also got overexcited about UK life sciences, the market over here operates on different fundamentals, maintaining a more measured approach to growth. After all, Brits to tend to show more reserve.

As in classic development cycles, supply – by virtue of the time taken to build – has lagged demand. And, while there was no doubt a glut during the Covid-19 pandemic, the UK’s planning system, archaic or not, has limited speculative overdevelopment. By filtering planning permissions, only viable projects have progressed, while others have been paused – effectively turning off the tap.

For occupiers, the VC funding challenges seen in the US should also be less of a concern on this side of the pond, where private investment has been matched with successive governments strongly committed to the industry.

Life sciences sits at the heart of Labour’s growth plans, offering many an incentive for companies developing next-gen healthcare solutions. Moreover, despite a year-long clinical trial decline, a new £400m public-private collaboration, VPAG, is set to reinvigorate pharmaceutical testing.

Perhaps most crucially, though, the UK life sciences sector is not solely profit-driven. The NHS is the crown jewel of socialised healthcare: it’s our sacred cow. Life sciences, and its ability to reduce costs through preventative medicines, is a critical part of the government’s mission for an NHS fit for the future. This altruistic foundation – where public health needs outweigh short-term financial gain – fosters a more resilient market, less prone to the boom-and-bust cycles seen in the US.


Life sciences sits at the heart of Labour’s growth plans

A further compelling driver of UK life sciences is demographic shift. In the past 40 years, the number of people in England aged 50 and over has increased 47% to more than 21 million – almost 40% of the population.

It’s not rocket science: this will continue to create unprecedented demand for healthcare services. Many a top doctor has warned of the impact a lack of medical innovation could have on the NHS and society at large.

For example, we can expect a sharp rise in chronic diseases, fuelling demand for pharmaceutical developments, biotechnology and medical research – all of which must be facilitated by physical infrastructure. 


While Boston has MIT and Harvard, the core of the UK’s life sciences market is its unmatched access to multiple top-tier institutions.

When it comes to research and discovery, the Golden Triangle boasts four universities in the global top 10, and 26% of UK graduates come from STEM courses, compared with 19.6% in the U.S. This academic strength sets the Golden Triangle apart from many US markets.These top universities also provide access to funding, both public and private, ensuring that companies in the UK are well capitalised and can grow without facing the liquidity crises seen in the US.

Life sciences, like AI, is here to stay, poised for steady and sustainable growth


Only recently, Nvidia’s share price plunged almost 10%, dragging a basket of chip stocks with it. The drop reflected broader economic caution, not a lack of belief – AI has already been integrated into everyday life, cementing its long-term potential.

The same could be said for life sciences which, like AI, is here to stay, poised for steady and sustainable growth. According to Oxford Economics, the sector outperforms many others, with demand resilient to economic fluctuations. This demand, led by the NHS, is why UK pharmaceutical output is projected to grow by an average of 1.3% annually from 2024 to 2026.

We also can’t forget that lab space is not only critical for life sciences – it’s essential for battery tech, green energy, planetary health, plastic alternatives, and many other cutting-edge industries. These all require specialised spaces to thrive, and will continue to need more of it.

While the US market may be facing challenges, structural weaknesses are not necessarily mirrored in the UK. Our market is built on different dynamics, driven by long-term demand for healthcare solutions, world-class research institutions and strong government support.

Comparing ourselves to our American friends is an easy, but cheap, argument to make. Look more closely and you’ll see it’s a different sport entirely.

America's life sciences woes won't infect the UK market

Why access to power is more important than ever for logistics developers

 – Following strong performance in a year in which the market was buffeted by macroeconomic headwinds, DTRE today announced nine new promotions across the business. These promotions are part of a wider transformation within DTRE, elevating the next generation of leaders through the appointment of new heads of business lines within critical, high-growth markets.

(For the latest detail on all the heads of DTRE’s business lines, see the Notes to Editors below.)

Having built upon its heritage as an expert dealmaker in industrial and logistics, today’s DTRE has expanded to also be a discreet and trusted adviser to clients across science and technology and alternative markets – including living and offices. This renewed focus, combined with the growth of the business, will enable DTRE to capture the latest commercial real estate opportunities. 

Matt Smith and Harry Glatman have been promoted to the partnership, with roles as Head of Science & Technology and Head of Alternative Capital Markets respectively. Elsewhere, in the industrial and logistics capital markets team, Geraint Davies has been promoted to Partner, Polly Bennett to Associate Partner and George Marsden to Senior Surveyor. 

Across the wider business, Amelia Balkwill has taken on the new role of Head of ESG Consultancy, Jack Weatherilt was promoted to Associate Partner in DTRE’s Manchester office, Jamie Poole to Senior Research Analyst and Nancy Cooper to Senior Business Executive. 

Team-driven and individual-focused, DTRE has always strived to hire the best talent and empower them to achieve their potential. This latest round of promotions is indicative of the depth of strength within DTRE, and of the steps the business is taking to develop the leaders of tomorrow’s industry. As part of this process, founders David Turner and Keith Dowley have taken on new roles as Managing Partner and Chairman of UK Industrial & Logistics Capital Markets respectively. 

Finally, the business also recently welcomed Will Elvidge to the Industrial & Logistics Capital Markets team as a qualified investment Surveyor, joining from Cushman & Wakefield. With three further recruits set to join the business in the coming weeks and months, DTRE continues to grow. 

These developments all follow a strong 2023 for the business, in what was a difficult year for the industry at large. DTRE advised on over £2.7bn of industrial transactions last year and is currently instructed on mandates totalling over 72m sq.ft. in industrial and logistics, 4.3m sq.ft. in science and technology, and the equivalent of 4,000 beds within alternative capital markets.

“Together with the rest of the DTRE leadership team, I’d like to congratulate all those who have earned a well-deserved promotion, as well as wish a warm welcome to our newest team members,” said David Turner, Founder and Managing Partner at DTRE.

“We’re incredibly proud of the business DTRE has become in its first 14 years, and grateful to the clients and team members that have made it possible. DTRE has grown to meet the industry’s latest challenges and its continued development will stand us in good stead well into the future.”

Keith Dowley, Founder and Chairman of UK Industrial & Logistics Capital Markets at DTRE, added: “At DTRE we never stand still. Our clients know us to be proactive and determined and this is a mindset we harness in our approach to bettering our business as well.”

DTRE is an independent and award-winning commercial property adviser specialising in logistics & industrial, science & technology, and alternatives. From global real estate investors to specialist developers, distribution giants to biotech start-ups, DTRE decodes complex markets to deliver specialised investment, development and leasing advice to clients throughout the UK and Europe.

DTRE is research-led, and outcome oriented

 – we know that numbers only ever tell part of the story. Interpretation and conviction informs application. We combine unparalleled depth and breadth of market data with our team’s expertise and on-the-ground intelligence to deliver competitive advantage to our clients. 

Since being established in 2010, DTRE has provided expert counsel on sales and acquisitions valued in excess of £28.5 billion.

, Founder & Managing Partner, Head of European Industrial & Logistics Capital Markets

, Founder & Chairman of UK Industrial & Logistics Capital Markets

, Partner, Head of Research, Data & Insights

, Partner, Co-Head of UK Industrial & Logistics Capital Markets

, Partner, Co-Head of Industrial & Logistics Leasing, Advisory & Development

, Partner, Head of UK Institutional Clients

, Partner, Head of Client Relations, Industrial & Logistics

, Partner, Head of Developer Client Relations, Science & Technology

, Partner, Head of Cambridge, Science & Technology

, Partner, Head of Living, Alternative Capital Markets

, Partner, Head of Offices, Alternative Capital Markets

DTRE announce string of promotions as business gears up for further growth

Gen Two appoints joint agents for Cambridge life sciences hub

The Oxford Science Park announces further expansion and appoints DTRE as joint advisors

 – The Oxford Science Park (TOSP), one of the world’s leading powerhouses for science and technology companies, has instructed DTRE as joint advisors with Cushman & Wakefield to advise on and manage the leasing of over 600,000 sq. ft. of office and laboratory space, as well as future developments totalling over 650,000 sq. ft.

With demand for laboratories in the UK fast outpacing supply, TOSP is playing a central role in the UK’s race for specialist space as the country seeks to achieve its ambition of becoming a science superpower.

The newly-completed Iversen Building, which provides 88,000 sq. ft. of genuinely lab-ready space, is the latest addition to the Park. It joins 15 other high-quality properties within TOSP, which are available to bespoke specifications, with adaptable layouts to facilitate the full spectrum of laboratory and office requirements. 

The world’s leading academic institution for the last seven years, Oxford University excels in the fields of medical science, biochemistry and computer science. The university is the UK’s most prolific filer of patents and has received the largest share of funding grants in recent years. In recent decades it has seen over 150 life science spinouts including Oxford Nanopore, which is based at the Park.

TOSP sits just three miles from this community and less than an hour from London’s expansive network of initiators and investors. It is already home to close to 100 leading research-led companies, many of which played a critical role in the fight against COVID-19. 

The Park is also the new Oxford home for the Ellison Institute of Technology, a major international research and development organisation which is seeking to accelerate innovation in medical science and healthcare, food security and sustainable agriculture, clean energy and climate change, and government policy and economics.  

Commenting on the announcement, Rory Maw, CEO of The Oxford Science Park, said: “We are delighted to be working with DTRE as the Park enters an exciting phase of development. With the Iversen Building now completed, we have already started work on three major lab-ready buildings totalling 450,000 sq. ft. for delivery in 2026. This will take total space on the Park to over 1.0 million sq. ft. and provide badly-needed space for the next generation of life science and technology companies.”

“The enormous demand for specialist space in the UK is showing no signs of waning and The Oxford Science Park has been essential to filling the supply void,” said Matt Smith, Head of Science & Technology at DTRE. “Its proximity to the Oxford biotech and technology communities is hard to beat but, perhaps more importantly, the array of facilities within the Park means it is able to cater for occupiers from conception to commercialisation, making it an ideal home for both early-stage spinouts and multinationals.”

DTRE is an award-winning, independent commercial property adviser specialising in industrials, logistics, science & technology, and offices. The Science and Technology team operates across the Golden Triangle and has been instructed by the likes of BioMed Realty, Mission Street, Kadans Science Partner, Abstract Securities, LS Estates and Oaktree to provide data-driven leasing strategy and development advisory services across four million square feet of research and development space.

Wrapping over three decades of blue-chip experience into a more focused, differentiated, data-driven platform, DTRE delivers specialised investment, development, and leasing advice to clients throughout the UK and Europe.

The Oxford Science Park is majority-owned and managed by Magdalen College, Oxford. Created in 1991, the Park upholds the College’s heritage and provides one of the most influential science & technology environments in the UK. There is approaching 750,000 sq. ft. of office and laboratory accommodation across the Park, which is now home to over 3,000 people and close to 100 businesses. These range from start-ups based in the Magdalen Centre innovation hub to major international companies and include Blue Earth Diagnostics, Oxford Nanopore Technologies, OXGENE, ProImmune, Oxford Science Enterprises, Enara Bio, Sitryx, Ochre Bio, Scancell, Evox Therapeutics, Exscientia, and Intuitive Surgical.

In addition to being a key property investment, the Park is at the heart of Magdalen College's strategy to support discovery, innovation and entrepreneurship. It will continue to develop The Oxford Science Park as a long-term strategic asset. This additional capacity will support the growth of businesses already based on the Park, providing flexible workspace accommodation, and enabling new companies to enjoy the Park’s exceptional environment and collegiate and collaborative ethos. The Oxford Science Park is located approximately three miles south-east of Oxford city centre, just off the city’s southern ring road. It has easy access to the M40 and A34, as well as to Heathrow Airport and mainline train services. For further information, please visit: 

DTRE is an award-winning, independent commercial property adviser specialising in industrials, logistics, science & technology, and offices. Wrapping over three decades of blue-chip experience into a more focused, differentiated, data-driven platform, DTRE delivers specialised investment, development, and leasing advice to clients throughout the UK and Europe.

Leveraging its proprietary data platform (Coyote) and market leading research, DTRE provides clients with unparalleled insights and analysis for informed decision-making tailored to their unique needs and challenges. Since being established in 2010, DTRE has provided expert counsel on sales and acquisitions valued in excess of £26 billion.

The Oxford Science Park announces further expansion and appoints DTRE as advisors

New, bespoke laboratory space draws world leading technology company to Abingdon

At DTRE, we’re constantly growing and evolving. Find out more about our latest deals, appointments, team news and more.