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Across the Golden Triangle, lab and midtech take-up reached 851,800 sq ft in 2025, representing a 152% year-on-year increase, more than double the five-year average of 411,900 sq ft. It’s important to note that this figure does include the Ellison Institute taking the entirety of the Daubeny Project (450,000 sq ft) in its acquisition of the west of The Oxford Science Park. Towards the close of the year, we saw a clear shift in viewing activity, with conversations that had previously been slow starting to gain momentum. Occupier sentiment became notably more positive, potentially driven by improving conditions in the funding environment, alongside macro-economic uncertainty becoming, in many ways, predictably unpredictable. This momentum has continued into 2026, leaving us cautiously optimistic for a more positive year ahead.

2025 was also the year that AI firmly moved to the forefront of discussions, particularly in the second half of the year. Demand and fundraising from this sector increased significantly, whether through life science companies embedding AI more deeply into their research processes, or AI-led businesses directly seeking lab or office accommodation. Of UK fundraising in 2025, 35% was dedicated towards AI. In London in particular, 53% of science and biotech investment went to AI-led businesses. With this, power availability has become more critical than ever, often the key factor of any requirement.

Fundraising across the UK was encouraging in 2025, reaching £4.8 billion, up 48% year-on-year, with 42% of this occurring in London. Whilst it very much feels as though the funding taps are beginning to open; fundraising is still difficult. Throughout 2025, we saw an increase in requirements coming to market, only for real estate searches to be pushed out and delayed as funding failed to materialise in the expected timeframe.

Hereby, whilst there is a weight of capital raised that needs to be deployed,  there remains a degree of friction in the market, both in recruitment and real estate expansion.

London take-up reached 138,000 sq ft in 2025, more than 3.5 times the total sq ft transacted the year prior and 63% above the five-year average take-up of 84,600 sq ft. Whilst these figures are no doubt positive, it is important to recognise that 51% of this take-up was driven by LifeArc signing for the entirety of Ashby Capital and Native Land’s KOVA KX at 105 Judd Street (70,600 sq ft).

Looking specifically at the final quarter of the year, 5,900 sq ft of lab space was let across the capital. This included Valink Therapeutics’ expansion at Imperial’s Translation and Innovation Hub (I-HUB) in White City, where the company now occupies over 3,900 sq ft.

Headline rents in London have remained stable at £125.00 per sq ft, last achieved at Kadans’ Mayde at Tileyard Quarter in 2024. With a significant volume of stock completing in 2025 across schemes such as Apex, Tribeca, The Refinery at Arc’s West London Campus, Pioneer’s Victoria House and British Land’s One Triton Square, occupiers have genuine choice for the first time in the London lab market. This has driven a tenant-led market and, in turn, a lag in rental growth.

At the close of Q4 2025, 637,000 sq ft of lab space was available, pushing the vacancy rate to 31%, up from 15% at the close of 2024. A further 558,100 sq ft is scheduled for delivery in 2026, of which  87% (484,100 sq ft) remains available at the close of 2025.

Despite the current level of availability in the market, there is key interest across the likes of Kadans’ Mayde, British Land’s One Triton Square, and the remaining space at Apex Tribeca, leading us to anticipate an uptick in net absorption. 

By year-end, we were tracking 801,400 sq ft of named demand, with 280,000 sq ft currently active. Whilst this remains inadequate relative to supply, active demand is up 13% year-on-year, with total demand almost doubling. This highlights the increasing interest and growth in the London lab market. Of active demand, 52% by count was for space under 5,000 sq ft, 14% for 5,000 to 10,000 sq ft, 24% for 10,000 to 30,000 sq ft, and 10% for space over 30,000 sq ft. This is reflective of the nascency of the London market, where the majority of companies remain early-stage spinouts.

From a venture capital perspective, science and biotech firms headquartered in London raised £2 billion throughout 2025, representing a record level of investment driven by Isomorphic Labs’ $600 million raised at the beginning of the year. Of this, 33% was early-stage venture capital, with a further 28% allocated to later-stage VC.

Take-up in Cambridge during 2025 lagged its Golden Triangle counterparts, with 96,100 sq ft of lab and midtech space transacted. This sat below the five-year average of 139,000 sq ft and was 1.2% down on 2024. Despite this, a further 60,800 sq ft was under offer at year end, with an additional 121,500 sq ft going under offer in early 2026.

In Q4, Nxera Pharma took 13,100 sq ft at the Cori Building on BioMed Realty’s Granta Park, while Tagomics and Trimtech Therapeutics each took 5,300 sq ft suites at Building 960 on Babraham Research Campus. The largest transaction across the Cambridge lab market in 2025 was at Abstract’s South Cambridge Science Centre, where Frontier IP signed for 18,000 sq ft in Q2.

Vacancy across Cambridge rose to 13%, almost double the level recorded at the close of 2024. This increase was driven by the delivery of speculative laboratory buildings throughout 2025, including Mission Street’s The Press Phase 2 (64,400 sq ft), Abstract’s South Cambridge Science Centre (138,000 sq ft), and Longfellow’s CamLIFE 3 (36,800 sq ft). Of the new stock delivered during the year, the only letting achieved was at the South Cambridge Science Centre.

In addition to current supply, further completions are scheduled for 2026.  With the likes of CamLIFE 1 and 2 (129,500 sq ft), and the Sidney Sussex Building at Chesterford Research Park (55,600 sq ft), already completing at the start of the year, with Kadans’ Merlin Place (135,000 sq ft), and Breakthrough Properties’ Vitrum at St John’s Innovation Park (205,000 sq ft) due to complete in Q2.

Active demand stood at 377,500 sq ft at year end, with total named demand increasing to 703,000 sq ft. Active demand was up 57% year-on-year, driven by larger requirements reactivating or coming to market. Cambridge’s relative market maturity is reflected in the composition of demand, with 63% of active requirements seeking space between 10,000 and 30,000 sq ft, and a further 19% for space over 50,000 sq ft.

In the same vein, Cambridge-based companies raised £755 million of funding over the year, with 71% allocated to later-stage businesses. The average size of raise in Cambridge was also higher than in Oxford or London, at £8.4 million, compared with £7.2 million and £5.2 million respectively. Again reflecting Cambridge’s market maturity in comparison to its Golden Triangle counterparts.

Take-up of laboratory and midtech accommodation in Oxford reached a record 615,800 sq ft, driven primarily by the Ellison Institute’s acquisition of The Daubeny Project at The Oxford Science Park. This transaction alone accounted for 450,000 sq ft of take-up, included in the Institute’s purchase of the western part of the park.

The Ellison Institute was also responsible for further activity throughout 2025, including the letting of 25,500 sq ft at the Iversen Building in Q1.

Beyond The Oxford Science Park, Kadans saw T-Cypher and Ox Devices take 11,800 sq ft at Barton House and the entirety of Monarch House (10,200 sq ft) respectively in Q4, following earlier activity in the year at Sovereign House and the Science Quadrant. In the city centre, Mission Street’s Inventa welcomed Orbit Discovery and Oxford Cancer Analytics that took 8,300 sq ft and 2,400 sq ft respectively of fully fitted laboratory space.

The headline rent of £85.50 per sq ft was achieved at The Oxford Science Park in Q1 2025, marking an increase on the previous market high of £82.50 per sq ft. Oxford continued to record the lowest availability across the Golden Triangle, with 385,100 sq ft of lab and midtech space available. The completion of Phase 1 at Stanhope’s Oxford North delivered two laboratory buildings alongside the Red Hall office building, bringing a combined 115,000 sq ft of lab space to the market, all of which currently remains available. In addition, the completion of Lumen House at Harwell in Q4 added a further 17,000 sq ft to supply.

Looking ahead to 2026, the market will see the completion of Breakthrough Properties’ Trinity House (214,000 sq ft), alongside Quad Three and Co:Labs at ARC’s Harwell, delivering 75,000 sq ft and 120,000 sq ft respectively.

Total demand reached 826,000 sq ft by year end, of which 391,000 sq ft was active. By number of active requirements, the majority of demand was for space between 10,000 and 30,000 sq ft, accounting for 41%. This was followed by demand for space under 5,000 sq ft at 24%, 12% for 5,000 to 10,000 sq ft, and 24% for space over 30,000 sq ft.

From a venture capital perspective, Oxford-based science and biotech firms raised £434 million in 2025. Whilst this remains low relative to Cambridge and London, it still represents a year-on-year increase of 4%. Funding was weighted towards later-stage venture capital, which accounted for 34% of total investment, with early-stage VC representing just 13%.

Science & Technology Report: 
Golden Triangle - Q4 2025

Science & Technology Report: Golden Triangle - Q4 2025

While announcements from Merck, AstraZeneca, Lilly, Sanofi and GSK have temporarily dampened sentiment around the UK’s science and technology market, they don’t reflect a structural retreat from the UK. These firms remain committed to their existing R&D bases here, and in many cases are simply re-sequencing capital expenditure amid NHS pricing uncertainty and impending patent cliffs for block buster drugs.

We’re undoubtedly in a period of recalibration rather than decline. Lab take up across the Golden Triangle has increased by 21% year-on-year, driven by a 493% increase in London deals and largely reflecting market caution in Oxford and Cambridge rather than a fall in named active occupier demand, which has increased quarter-on-quarter by 16% to 2 million sq ft.

Whilst a spate of new buildings reaching practical completion this year has skewed the supply side, increasing availability by 83% year-on-year to 1.3 million sq ft, this is still behind the total demand across the Golden Triangle.

The funding environment paints a bright picture with over £2.3 billion raised throughout the Golden Triangle in the year to date. This is 33% ahead of the previous year’s raises and demonstrates there is still capital appetite for early and later stage biotech and life science companies, albeit the raises are taking longer to close.

The underlying fundamentals of the sector in the UK of world-class universities, access to talent, a robust funding universe and the continuing convergence between tech and science in London, Oxford and Cambridge remain powerful demand drivers.

From a property market perspective, we’re seeing a flight to quality. Well-located, purpose-built lab spaces continue to attract stronger occupier attention, while secondary assets in terms of either location or specification face longer Leasing voids. There are many positives to focus on, if we can look through the noise.

At the time of printing the Ellison Institute announced its £890m deal with The Oxford Science Park and JV partner GIC to acquire approximately 46 acres of the park, including the 450,000 sq ft Daubeny Project that is under construction. This not only marks a huge vote of confidence in the UK’s science and technology sector with the largest capital markets deal for approximately 5 years, but also underscores the importance of looking through the noise. Only time will tell, but I am hopeful that we have now passed the nadir and that the tailwinds highlighted in this report will begin to generate more positive news stories.

Lab and midtech take-up in London reached an impressive 132,000 sq ft by the close of Q3 2025, 493% up on the 22,300 sq ft of take up in the same period last year. Key deals included OriBiotech and Plasmidsaurus securing space at Kadans’ Mayde, 5–10 Brandon Road, alongside additional take-up at LBIC, Apex by BIND Research, and Twig Bio. A further 15,000 sq ft was under offer at the end of September, with more transactions anticipated before the end of the year at Mayde and Imperial’s Victoria Industrial Estate.

London’s Knowledge Quarter continued to lead activity, accounting for 59% of Q3 take-up and 79% of year-to-date transactions. Demand followed a similar trend with 67% of active requirements specifying a preference for space within the Knowledge Quarter. Across London, active demand totals 197,200 sq ft, with a further 447,500 sq ft either on hold or expected to activate within the next 6 to 12 months.

The quarter also saw further floors reach practical completion at Pioneer’s Victoria House, as well as 1 Triton Square delivering 313,000 sq ft of lab enabled office space, with 43,500 sq ft of fitted labs, bringing total available built lab space in London to 587,200 sq ft. Notable vacancies remain at purpose-built lab schemes including ARC’s The Refinery, Kadans’ Mayde, and Reef and Blackrock’s Apex, Tribeca, where Eli Lilly recently withdrew from its committed space.

London’s science sector continues to outperform its Golden Triangle peers in capital raising, with over £1.5 billion secured to date in 2025, the strongest year on record. The capital accounts for 65% of all Golden Triangle fundraising and consists of 122 separate raises, double the combined total of Oxford and Cambridge. Of capital raised, 48% was for early-stage rounds (seed, Series A-B), with later stage VC funding (Series C-D) making up the next largest percentage at 22%.

Lab and midtech take-up in Cambridge reached 63,600 sq ft by the end of September, marking a 33% decline year-on-year. Despite this slowdown, an additional 98,200 sq ft was under offer at the end of Q3, including 36,600 sq ft at Peterhouse College’s Q-Arc, Saxon Way. Should these transactions complete before year-end, total take-up will exceed Cambridge’s five-year annual average of 139,000 sq ft by approximately 16%.

Active demand remains robust, standing at 344,500 sq ft, with a further 350,000 sq ft of demand currently on hold or anticipated to come live within the next 6 to 12 months.

On the supply side, new lab completions include Longfellow’s CamLife 3 and Brydell’s First Step by Journey, together adding 54,800 sq ft to the market. These join Abstract’s best-in-class South Cambridge Science Centre with approximately 120,000 sq ft available following its deal with Frontier IP, Mission Street’s Phase 2 of The Press with 64,400 sq ft available, and BioMed’s 1 Granta Park, which retains around 50,000 sq ft of availability despite 28,000 sq ft of office space being currently under offer to Gilead.

Venture capital activity continues to strengthen with life science and biotech firms across Cambridge raising £529 million to the end of Q3, a 6% increase year-on-year. Notably, 85% of this funding was secured through later-stage venture capital (Series C and beyond), highlighting the more mature status of the Cambridge market.

By the end of Q3 2025, Oxford recorded 85,100 sq ft of lab and midtech take-up. Notable transactions included Salience Labs occupying 6,700 sq ft of dry lab space at 100 Park Drive and Inify taking 11,600 sq ft of midtech space at Nebula, both at MEPC’s Milton Park. While 26,600 sq ft remained under offer at quarter-end, take-up was set to fall short of the five-year annual average (200,300 sq ft), until the landmark announcement in October that the Ellison Institute will occupy the 450,000 sq ft Daubeny Project at The Oxford Science Park. This deal will propel annual take-up to 167% above the five-year average, marking a record year for Oxford and helping to reaffirm investor confidence in the UK’s science and technology ecosystem.

Active demand across Oxford held steady at 276,000 sq ft, with a further 383,200 sq ft in the pipeline. Supply remains the tightest within the Golden Triangle here, with 374,600 sq ft of completed lab space available. Despite this, it is up from 282,900 sq ft last quarter, due to Oxford North Phase 1 reaching practical completion, delivering c.106,000 sq ft of lab space across 1 & 2 Fallaize Street, alongside office and amenity space at The Red Hall. Looking ahead, the key completion of Breakthrough Properties’ Trinity House (214,000 sq ft) is expected to further bolster lab stock in Q4.

Funding activity in Oxford remains subdued relative to London and Cambridge, with £290 million raised by the end of Q3, moving marginally ahead of the £273 million achieved during the same period last year. Of this, 63% was private equity funding, 33% was allocated to later-stage VC and just 4% was seed funding.

Science & Technology Report:
Golden Triangle - Q2 2025

Science & Technology Report: Golden Triangle - Q3 2025

After two challenging years, the UK’s life sciences sector is starting to show signs of life once more. Whether it be strong demand from global pharma in London, Cambridge and Oxford, the increasing levels of venture capital (VC) money being raised, the Mansion House reforms, the government’s commitment to the Oxford-Cambridge Growth Corridor or the new R&D funding budgets, there’s plenty reason to be positive as we enter the final six months of 2025.

Taking each in turn, how certain can we be that the latest money raised and government interventions can be the much-needed boon to the sector.

Whilst VC funding is unlikely to return to the record levels seen in 2021 and 2022, in the first quarter of 2025, UK life sciences companies secured £1.1bn in VC funding, marking the highest quarterly total since Q2 2021 and a 36% increase on Q4’24. VC capital raising will be further supported by an improving macro-economic outlook, with central banks around the world now on an easing path with falling inflation, a moderately improving growth outlook and an increasing appetite for ‘risk’ from institutional investors. The correlation between VC funding and demand for lab space is well-established and we anticipate this latest round of fund raises will result in an uptick in occupier demand over the remainder of 2025 and into H1’26.

Furthermore, the life sciences sector is one of eight growth sectors that the government has identified to form part of the new ten-year industrial strategy. When sat alongside the Mansion House reforms (aiming to unlock pension fund capital for high-growth sectors like life sciences) and the ambitions set out by government for the Oxford-Cambridge corridor, this means that significant amounts of capital, both private and public, is being directed at the sector, which will only help enable further growth of life sciences in the UK, but particularly in the ‘Golden Triangle’, with its globally leading academic institutions, deep talent pool and IP ideation.

Other opportunities could lie in drug discovery emanating out of the US, as Trump, his departmental funding, tariffs and choice of personnel, such as Robert F. Kennedy, may make it more appealing for early-stage life science business to venture outside of the world’s biggest life science centre. If that theory holds, then the UK is well placed to benefit from any disruption. Albeit the recent development by Trump to issue ‘stop notices’ on a number of US research grants at UK universities, is a worrying development, with five universities, Durham, Leeds, Liverpool, Nottingham and Southampton all being directly affected.

However, there’s enough reasons to suggest that demand in the sector will improve from here on. The post-Covid slump that the sector endured was not unique to life sciences, but having emerged from the other side, the sector is well-established, with plenty money both targeting and within it currently, to suggest that demand from varied occupiers from the worlds of drug discovery to neurology to oncology, will drive a resurgence in the occupier, and vis-à-vis, capital markets, from this point on.

Lab take-up in London reached 114,900 sq ft in H1 2025, the highest level since the peak of 2022. This represents a 36% increase on the five-year full-year average and is eleven times take-up at the same point last year, marking an encouraging sign of renewed momentum in the market.

The majority of this activity was driven by LifeArc’s lease of 70,600 sq ft at Ashby Capital and Native Land’s KOVA KX at 105 Judd Street, accounting for 61% of total take-up. Additional take-up included new deals at Pioneer’s incubator space in Victoria House, expansion by Relation Therapeutics at British Land’s 338 Euston Road, and Helios X taking space at QMB’s Innovation Centre.

82% of the total take-up by area took place in King’s Cross’ Knowledge Quarter, highlighting the continuing appeal of this cluster, driven by its prime location, skilled talent pool, international occupiers and strong academic links.

Looking ahead, 67,100 sq ft of lab space was under offer at the close of the quarter, with Eli Lilly under offer on 35,000 sq ft at Blackrock and Reef’s Apex, Tribeca, continued activity within LBIC’s space at the same site and additional space under offer at Kadans’ Mayde, 5-10 Brandon Road, King’s Cross.

Venture capital investment has also surged in 2025, with £1.3 billion raised by London-headquartered science and tech companies in H1, more than triple the amount secured during the same period last year. This puts London far ahead of its Golden Triangle peers, outpacing Cambridge and Oxford by £988 million and £1.1 billion respectively.

However, despite these positive indicators, challenges remain. Available lab supply has grown, with 453,600 sq ft of built but vacant space now on the market. This marks an 80% increase compared to H1 2024, largely due to the first wave of new purpose-built lab completions over the past year.

There is also a considerable 2.4 million sq ft of lab-led space currently under construction, with 57% located in the Knowledge Quarter. The remainder is concentrated in Canary Wharf, where considerable progress continues at Kadans and Canary Wharf Group’s One North Quay and GIC and Oaktree’s 17CC LABS.

Following a subdued start to the year, Q2 saw an additional 26,900 sq ft of lab and mid-tech space transacted in Cambridge, bringing total H1 take-up to 49,500 sq ft. While this figure is 22% down year-on-year and 15% below the half-year average of the past five years, occupier activity in Q2 is pointing towards a more positive second half of the year.

A standout deal in the quarter was Frontier IP’s strategic partnership with Abstract Securities, securing 18,000 sq ft at the newly completed, best-in-class, South Cambridge Science Centre. This collaboration will establish a new innovation hub dedicated to early-stage science and tech businesses and marks an exciting step forward for both Frontier IP and the broader Cambridge ecosystem. Notably, this was the only transaction over 10,000 sq ft recorded  in 2025.

Additional market activity in Q2 included Maxion Therapeutics completing a surrender and regrant of 8,900 sq ft at Unity Campus. At the end of the quarter, a further 12,700 sq ft was under offer, helping towards ongoing deal momentum in Q3.

On the demand side, DTRE were tracking 293,500 sq ft of active requirements in Cambridge at the end of June, with a further 350,000 sq ft of named demand either upcoming or temporarily on hold. Encouragingly, this includes two major enquiries of over 50,000 sq ft, although the majority of demand remains focused on smaller footprints.

Over the past 12 months, a significant volume of new space has been delivered, including BioMed’s One Granta at Granta Park and Abstract’s South Cambridge Science Centre in Sawston. With new completions outpacing take-up, up-and-built availability has increased sharply to 417,500 sq ft, nearly triple the 151,000 sq ft available at the same point last year.

Despite the short-term slowdown in leasing and jump in availability, there are reasons for cautious optimism. Venture capital raised by Cambridge-headquartered science and tech companies tripled year-on-year, reaching £319 million in H1 2025, up from £119 million in the same period in 2024. This injection of capital is a positive indicator for the months ahead and will help in reducing the lag between investment and take-up.

Following a strong start to the year, with 44,100 sq ft transacted in Q1, a further 22,700 sq ft was let in Q2, bringing the H1 total to 66,800 sq ft. While encouraging, this figure is still trailing behind the five-year annual average of 200,300 sq ft.

Notable lettings in Q2 included Oxford Expression Technologies securing 5,500 sq ft at Life Science REIT’s Oxford Technology Park, new leases at the Schrodinger Building in Magdalen College and GIC’s Oxford Science Park, and Alethiomics taking 4,400 sq ft at Kadans’ Abingdon Science Park. 

Demand in Oxford remains robust, with total named requirements reaching 642,200 sq ft by the end of June, a 42% increase compared to the same period last year. Of this, active demand currently stands at 286,500 sq ft, representing a 36% of all active demand across the Golden Triangle and reflecting sustained interest in the region. This active demand is dominated by larger requirements, such as Vertex (90,000 sq ft), that emerged at the close of last year, alongside three requirements in the 10,000 to 20,000 sq ft bracket coming to market this year. Despite a positive number of larger requirements, the market remains dominated by the smaller size bracket, with 50% of total named requirements, by count, being for space less than 10,000 sq ft.

Oxford’s current supply remains constrained at 282,900 sq ft. Unlike Cambridge and London, Oxford has so far avoided a surge in new completions hitting the market simultaneously. That said, the picture is set to change in the second half of the year, with 421,000 sq ft of new lab-led space scheduled for delivery. This includes the first phase of Oxford North, new space at ARC’s Harwell Science & Innovation Campus, and Breakthrough Properties’ Trinity House at the entrance of Oxford Business Park. With a current vacancy rate of 14%, the market is expected to see a sharp rise in availability unless take-up accelerates.

Science & Technology Report: Golden Triangle - Q2 2025

Laboratory and mid-tech take-up in Cambridge reached 22,600 sq ft across five deals during Q1 2025. The largest transactions of the quarter included Advent Bioservices taking two leases on the ground floor at Howard Group’s Cadence, Unity Campus, totalling 8,400 sq ft, while Orion Corporation secured 7,100 sq ft at the Bennet Building, Babraham Research Campus.

Although take-up was subdued, down 48% compared to Q1 2024, it remains in line with the average quarterly take-up recorded last year of 22,900 sq ft. Notably, 63,000 sq ft of laboratory and mid-tech space was under offer at the end of the quarter, providing reason for cautious optimism heading into Q2.

At the close of Q1, DTRE was tracking 639,000 sq ft of total demand, of which 317,000 sq ft was classed as active. While this figure is encouraging, a significant proportion of active demand is being driven by larger requirements, including Astex Therapeutics (90,000 sq ft) and Cellular Origins (60,000 sq ft), both advised by DTRE.

By way of supply, 231,300 sq ft of up-and-built laboratory space was available at the end of the quarter, with One Granta accounting for 34% of this total (79,700 sq ft).

No purpose-built laboratory reached practical completion in Cambridge in Q1; however shortly after the quarter’s end Phase 1 of Abstract’s South Cambridge Science Centre completed and brought 138,500 sq ft of best-in-class, highly flexible, and affordable lab space to the market. This transformative development offers purpose-built facilities designed specifically to meet the needs of the region’s growing life sciences ecosystem. Its location and specification position it as a premier destination for innovative companies seeking to establish or expand their presence in this globally significant research hub.

Q2 is expected to see the completion of Mission Street’s Phase 2 at The Press Foxton, delivering 64,400 sq ft to the market. We expect an additional 239,900 sq ft of space to complete later in the year at Longfellow’s CamLIFE, Brydell Partners’ First Step by Journey, and Churchman/Aviva’s Chesterford Research Park. Nevertheless, market sentiment remains cautious, with ongoing uncertainty in the wider economy continuing to weigh on occupier confidence, exacerbated by geopolitical developments such as the return of Trump.

Whilst the longer-term implications of his administrations policies are still being fully understood, we believe there are reasons to be optimistic as Trump’s shake-ups allow the UK to solidify its position at the forefront of global science and innovation and as a safe haven for a potential transatlantic scientific diaspora.

Venture capital funding into Cambridge-headquartered life sciences and biotech companies was subdued in Q1 2025. A total of £117 million was raised by 14 companies across 14 funding rounds. While this accounts for just 11% of total VC raised across the Golden Triangle, it represents a 6% increase on the previous quarter, and is on track to meet the pre-Covid 5-year average of £341 million raised per year.

Laboratory take-up in London totalled 20,200 sq ft in Q1 2025, with deals completed at Imperial’s I-HUB, Kadans’ MAYDE within Tileyard Quarter, and Life Science REIT’s Rolling Stock Yard. The quarter’s two largest transactions were at I-HUB, where MiNA Therapeutics took 7,200 sq ft and London Biofoundry signed for 5,800 sq ft. Additional activity included Epoch BioDesign taking space at Kadans’ MAYDE, while CFDX secured over 5,000 sq ft at Life Science REIT’s Rolling Stock Yard.

While London recorded the lowest take-up among the three Golden Triangle markets this quarter, it still reflects a promising start and is already 64% of the total recorded in 2024. Activity has doubled year-on-year (from 10,300 sq ft in Q1 2024) and was almost level with Cambridge in Q1, the most established science market.

With 139,300 sq ft of space under offer at the end of Q1, the market is well-positioned to exceed last year’s total by at least c.128,000 sq ft. Notable transactions still under offer include LifeArc for 70,000 sq ft at Ashby Capitals KOVA KX, and global pharma company Eli Lilly on 35,000 sq ft at Blackrock and GIC’s Apex, Tribeca. Given the volume of space under offer, the outlook for the remainder of 2025 is increasingly positive.

By quarter-end, DTRE was tracking 242,800 sq ft of active demand in London, alongside a further 177,000 sq ft categorised as upcoming or currently on hold. Of the total demand, 70% is concentrated in and around the Knowledge Quarter, with West London accounting for a further 10% in line with the relative immaturity of the market, 69% of demand is for space under 10,000 sq ft.

Supply stood at 480,700 sq ft of up-and-built, available laboratory space at the end of Q1. This includes newly delivered space at Apex Tribeca (approximately 110,000 sq ft), 20 Triton Street (providing over 30,000 sq ft), and The Refinery at ARC West London which brings approximately 122,800 sq ft of new space to market and marks the completion of the first wave of purpose-built lab developments in the capital.

Looking ahead, 2.7 million sq ft of space is currently under construction across London. Approximately 1 million sq ft of this is currently under construction in Canary Wharf, at Kadans’ One North Quay, and LS Estates’ 17CC LABS.

Unlike the more cautious funding landscape in Cambridge and Oxford, venture capital activity in London was strong in Q1. Life science and biotech companies headquartered in the capital raised £752 million, accounting for 51% of the UK total, 73% of Golden Triangle fundraising, and a 305% increase quarter-on-quarter. This already equates to 64% of the total raised in 2024. With positive momentum continuing into the year, there is hope that this will drive renewed confidence in the occupier market and reignite previously dormant requirements.

Oxford saw the highest take-up across the Golden Triangle markets in Q1 2025, reaching 44,100 sq ft. The largest transaction of the quarter occurred at The Oxford Science Park, where the Ellison Institute secured 25,500 sq ft at the Iversen Building, setting a new headline rent for fitted laboratory space. This milestone reflects strong momentum in the Oxford market and reinforces The Oxford Science Park’s prominent position within it.

A further 35,500 sq ft was under offer at the close of the quarter, with key space under offer at ARC’s Oxford Technology Park, Kadans’ Abingdon Science Park, and MEPC’s Nebula at Milton Park.

At the end of Q1, DTRE was tracking 652,200 sq ft of total demand, with 318,000 sq ft classed as active, representing a 15% decrease on the previous quarter. While active demand is down as uncertainty continues to weigh on the market, the interest by global pharma into Oxford is promising, with the likes of Vertex actively searching for 125,000 sq ft.

Available up-and-built laboratory space stood at 239,700 sq ft at quarter-end, with the majority of space available across Building One at the University of Oxford’s Begbroke Science Park (63,900 sq ft), Mission Street’s Inventa (38,400 sq ft) and across various buildings at ARC Oxford.

Although no new available laboratory developments were completed in the opening quarter, the delivery of Moderna’s Innovation and Technology Centre (MITC) at Harwell marked a major milestone. The 145,000 sq ft facility underscores Harwell’s growing significance and represents a positive step forward for the wider Oxford market, especially when considering the opportunities for global pharma companies in the UK.

Looking ahead, the completion of Buildings 1 and 2 at Oxford North is expected next quarter, which will provide a combined 115,000 sq ft of laboratory and office space, with Breakthrough’s completion of Trinity House (214,000 sq ft) anticipated towards the end of the year.

Venture capital activity in Oxford saw a moderate uptick in Q1, with life sciences and biotech companies raising £165 million, a 13% increase quarter-on-quarter and 58% above the average quarterly figure in 2024, signaling improving investor sentiment.

Science & Technology Report:
Golden Triangle - Q1 2025

Science & Technology Report: Golden Triangle - Q1 2025

Cut through the noise. At the moment there’s a plethora of topics that all have the ability to drive uncertainty through real estate markets. Whether it’s Trump’s tariffs, spiking gilt yields or National Insurance  contributions, the headlines can make for difficult reading. However, from a real estate perspective, 2025 is shaping up to be a positive year with investors on the front foot looking to capitalise on re-priced assets as the next cycle begins.

With inflation stabilising, DTRE expects the Bank of England to cut rates by 100 bps this year, leaving the Bank Rate at 3.75% by the end of 2025, and these interest rate cuts will provide further liquidity across real estate with pricing and valuations supported by the reduced cost of debt.

 From an occupational perspective, the post-Budget souring of sentiment and resultant downturn in consumer and PMI surveys is expected to be more of a soft-patch rather than a sustained slowdown. As a result, DTRE expects occupier demand to rebound across all the traditional real estate asset classes with rents supported by the supply and demand dynamics that have been further exacerbated in recent times due to rising construction and financing costs.

The logistics sector enjoyed a strong finish to 2024 across both the occupational and capital markets, and despite macro headwinds that momentum has carried on into the early weeks of 2025. In the occupier markets, 2024 was a strong year with take-up of Big Box units (100,000 sq ft) totalling 28.6m sq ft – 13% up on 2023’s total. That total was reached largely without any help from large e-commerce players, demonstrating the market’s depth beyond Amazon and pure-play online retailers.

Third-party logistics providers, grocers and physical retailers were active throughout 2024. While Amazon will be active once more in 2025 with several requirements in the market, we expect the big supermarkets, defence and aerospace-led contracts, and selective high-end manufacturers to be the major drivers of take-up this year.

In the capital markets, 2024 saw £8bn of industrial and logistics assets transact, but that total was reached primarily in the absence of any large pure-logistics portfolios to boost volumes. This year, we expect to see a continuation of the same themes, with investors targeting logistics and urban/multi-let assets with reversion potential. However, as we move through the year and debt becomes more accretive and supportive to valuations, we expect to see some larger portfolios trade.

We’re seeing confidence return to the science and technology market following the second-best year for fundraising on record. Many companies have already resumed their searches for space and started to make new commitments, with a particular surge in demand for larger requirements. We expect this positive momentum in the leasing market to continue through 2025, and drive capital markets activity, too.

Rumours have also begun to swirl around growing private equity interest in UK pharma and pharma services, with several players said to be deep into due diligence. Our expectations are high that these private equity speculations will materialise, providing a further boost to one of the country’s fastest-growing industries.

And finally, while Reeves’ plans for the Oxford- Cambridge Arc are a positive signal from government and should boost market confidence, similar commitments have been made before, in 2017 – so we won’t be holding our breath. Meeting the required commercial and residential capacity in the Arc will be impossible if the existing planning constraints remain in place.

The real test will come in the Planning and Infrastructure Bill. To make meaningful inroads, Reeves will need to extend her ‘coalition of builders’ to local councillors and communities. However, if she is successful in her endeavours, it could require delivery of in excess of 80m sq. ft. of commercial workspace.

With investment in UK living totalling £14bn in 2024 – c.5% up on 2023 – private equity firms and pension funds are increasingly allocating capital to single-family housing, favouring them for their ease of construction and appeal to stable, long-term tenants. We believe that this sustained investment will drive a divergence in the single-family housing market, splitting into two distinct approaches.

On one side, traditional housebuilders will continue to focus on managing excess stock to address slowdowns in new-build sales. These housebuilders benefit from bulk sales through forward funding agreements, which provide them with liquidity and enable them to fund essential infrastructure for their developments.

The other side will feature purpose-built communities, combining multi-family housing principles with horizontal layouts, situated on brownfield land in well-connected urban hubs. With developers, contractors and funders working together in a tri-partite model, these amenity-rich developments will aim to attract renters choosing convenience and lifestyle over ownership.

Against a backdrop of NHS strikes and a national waiting list estimated at 8 million people, demand for private healthcare spaces will continue to rise with service providers looking to accommodate the rapid growth in the self-pay market and a surge in private medical insurance uptake.

For investors, the sector provides stability through long-term, often government-backed income streams. Index-linked leases and operators’ diversified revenue models – balancing self-funded and publicly funded care – enhance resilience, positioning healthcare as a lower-risk investment compared to other industries.

In 2025, we expect private healthcare to outperform other healthcare sub-sectors, fuelled by structural drivers such as the UK’s ageing population and chronic undersupply in senior living and medical office spaces. These factors will sustain demand across these critical segments, solidifying healthcare’s position as a reliable and attractive investment opportunity.

Retail is shaping up to be the ‘surprise sector’ of 2025, with rents climbing as retailers return to high streets and shopping centres. Driven by retail warehousing, we’re expecting institutional interest to reach its highest level in five years as consumer and retailer confidence strengthens.

Prime shopping centres and high street parades will still remain a focal point, while affluent suburban areas will see growth in smaller, convenience-driven retail formats to cater to localised shopping needs. We’re also expecting to see institutional investors continuing to revisit second tier shopping centres, sparking a liquidity rebound.

Experiential retail will continue to reshape the sector, with retailers leaning into immersive, in-store experiences to engage consumers. Demand for adaptable spaces will be driven by pop-ups and interactive events aiming to boost footfall and differentiate physical stores.

The contrast in leasing demand between best-in-class Grade A offices and lower-quality Grade B stock will continue, with many landlords of problem assets needing to make challenging decisions between cutting their losses, investing heavily to retrofit and refurbish, or exploring changes of use (e.g., PRS, BTR or hospitality) within the confines of planning legislation. A critical pinch point is already emerging, driven by rising development costs over the past five years, which have created a significant disparity between the demand for and supply of premium office spaces. As a result, rental growth is expected to continue, but again heavily weighted towards the sparse, premium stock.

As for capital markets, activity is likely to stay muted as long as interest rates remain high and global political uncertainty persists. While market sentiment has slightly improved, tangible signs of recovery have yet to materialise. Well-let Grade A offices in London and the Big Six should continue to offer attractive opportunities, but current owners’ reluctance to sell, due to loose yields, will likely limit transaction volumes.


That said, we anticipate some investors will focus on acquiring vacant possession buildings over the next 12 months, with plans to transform them into modern, top- tier workspaces. These upgraded assets will be well- positioned to meet occupier demand for sustainable, adaptable and high-quality office environments.

DTRE 2025 Outlook

Total science and technology take-up in Cambridge reached 99,300 sq ft across 14 deals by the end of 2024, comprising of 75,800 sq ft of laboratory space and 23,500 sq ft of mid-tech space. This represents a 65% decline year-on-year from 2023, and a 39% drop compared to the five-year average (2019–2023), as the post-COVID constraints on venture capital investment continued to bite, and affect occupier confidence.

The largest deal of the year involved Welbeck Health Partners, who secured 31,000 sq ft at the Orion Building on Howard Group’s Unity Campus. Another notable transaction was Vianautis taking 10,800 sq ft at Cadence also on the Park, with an additional 8,400 sq ft already exchanging there early in 2025.

At the close of Q4, 57,900 sq ft of laboratory and mid-tech space was under offer, with 20% of these transactions already completing in early 2025.

Turning to supply, the total available up-and-built laboratory space in Cambridge reached 224,400 sq ft by year-end, a 159% increase year-on-year, driven by projects like One Granta, which completed in 2024 and remains largely vacant. Despite a subdued year in take-up, and increased stock coming to market, Cambridge maintained the lowest vacancy rate among the Golden Triangle markets, reflecting its resilience and maturity.

DTRE is tracking 667,500 sq ft of total named demand, with 240,000 sq ft classified as active. By count, 13% of demand was for spaces below 10,000 sq ft, with the majority of requirements falling within the 10,000–30,000 sq ft range and the average requirement size being 26,500 sq ft. This highlights Cambridge’s standing as a mature science and technology market, bolstered by an established scientific ecosystem.

38 life science and biotech firms headquartered in Cambridge raised a total of £610 million in 2024 through 111 fundraisings and grants, reflecting a 15% decrease year-on-year. Despite this, the number of deals increased by 3%, a positive signal of market activity and increased investor confidence.

Laboratory take-up in London reached 30,400 sq ft across 15 deals in 2024, with all transactions for spaces under 5,000 sq ft. The largest wet laboratory lease was Baseimmune’s 3,350 sq ft at LBIC Apex, while 4,900 sq ft of dry lab space was taken by a confidential AI company at Caledonia House.

Although take-up was down 43% year-on-year and 62% below the five-year average (2019–2023), 107,000 sq ft was under offer at year-end, which, if completed in 2025, would exceed the five-year average by 33%.

Total demand for laboratory space reached 403,900 sq ft, with 247,700 sq ft categorised as active demand. Reflecting London’s status as the nascent science market, 63% of demand by count was for spaces below 10,000 sq ft, further segmented as 22% below 2,000 sq ft, 20% between 2,000–5,000 sq ft, and 22% between 5,000–10,000 sq ft.

As of year-end, 223,300 sq ft of laboratory space was available, with the bulk concentrated in the Knowledge Quarter, driven by the first wave of purpose-built labs reaching practical completion. In 2025, a further 

1 million sq ft of planned development is set to be delivered within the Knowledge Quarter, including Apex and Reflector at Tribeca, and Pioneer’s Victoria House.

Venture capital into London-based companies reached £1.18 billion in 2024 across 196 fundraisings and grants, accounting for 53% of the Golden Triangle’s total. This figure dramatically surpassed the five-year average (2019–2023) of £694 million and was the second best year on record, just 3.7% down on the COVID peak. With 72% of funding raised in the latter half of the year, we expect this momentum to carry forward into 2025 and revitalise on-hold demand for laboratory space.

Oxford led the Golden Triangle for laboratory take-up in 2024, with 190,100 sq ft occupied by science and technology firms and an additional 18,200 sq ft of mid-tech space transacted. While this marked a 7% year-on-year decline, it was 12% above the five-year average (2019–2023) of 186,500 sq ft, exceeding my earlier projections by 9%. Furthermore, 53,900 sq ft of laboratory space and 12,000 sq ft of mid-tech space was under offer at year-end, with 25,500 sq ft already transacted in 2025.

The largest deal of the year was Novo Nordisk’s lease of 61,000 sq ft at The Iversen Building on The Oxford Science Park, accounting for 29% of total take-up and ranking as Oxford’s third-largest laboratory deal since 2018, behind the Moderna deal in 2023 and Oxford Biomedica’s HQ lease in 2022.

At the close of 2024, 205,400 sq ft of laboratory space was available, with Building One at Begbroke Science Park contributing 63,900 sq ft to the total.

Demand for laboratory and mid-tech space in Oxford stood at 636,800 sq ft, with 373,000 sq ft categorised as active demand. Smaller units were prevalent, with 59% of active demand for spaces below 10,000 sq ft, while 33% targeted spaces between 10,000–30,000 sq ft. This demand pattern underscores Oxford’s position as the middle child of the Golden Triangle markets, blending relative maturity with growth potential.

Venture capital raised by Oxford-headquartered life science and biotech firms totalled £419 million in 2024, a 12% year-on-year decline. Despite this, Oxford has consistently recorded the lowest five-year average of venture capital raised among Golden Triangle markets (£628 million). Encouragingly, 36% of the total was raised in Q4, signalling a potential resurgence in fundraising activity throughout 2025.

Science & Technology Report: Golden Triangle - Q4 2024

As of Q3 2024, laboratory take-up in Cambridge has reached 94,800 sq ft, with 42,300 sq ft transacted in this quarter alone, marking a 12% increase compared to the Q3 five-year average. At the close of the quarter, an additional 10,000 sq ft remains under offer at Cadence, Unity Campus.

Three key transactions contributed significantly to take-up: Immaterial secured 12,500 sq ft of mid-tech space at Accelerator Park, Sawston, and Biocrucible completed the assignment of AbCellera’s lease at the Emmanuel Building at Chesterford, covering 9,800 sq ft.

Overall, laboratory-led demand in Cambridge has reached 899,500 sq ft. Of this, 450,000 sq ft is classified as active demand, down slightly from last quarter as companies continue to wait for funding. The increase in overall demand, however, is mainly driven by larger requirements entering the market in Q3, reflecting Cambridge’s growing appeal to larger occupiers and solidifying its status as an established market.

Vacancies in Cambridge have however increased slightly due to the completion of developments such as 1 Granta Park. As of the close of Q3, 211,200 sq ft of available up-and-built laboratory space is on the market. Despite this rise, Cambridge maintains the lowest vacancy rate compared to Oxford and London, highlighting the resilience and maturity of the Cambridge science and technology market.

To date, Cambridge-based life science and biotech firms have raised £258 million through 67 fundraisings and grants in 2024. While total venture capital raised remains subdued when compared to recent years, the number of fundraisings aligns closely with the five-year average, maintaining confidence that raisings are being achieved, though of smaller amounts.

At the close of Q3 2024, laboratory take-up in London totalled 18,700 sq ft, with three deals having been completed during the quarter. Laverock secured 3,000 sq ft at LBIC Tribeca, as Baseimmune also took 3,350 sq ft of space there, and Myricx Bio acquired 2,000 sq ft at 20 Water Street.

London’s laboratory market remains in its growth phase, with deals so far this year focussing on fully fitted CL2 laboratory spaces under 5,000 sq ft. This reflects ongoing demand from early-stage companies and a developing ecosystem. Encouragingly, there is positive momentum, with an additional 90,600 sq ft of laboratory space under offer by the end of September. Assuming these deals complete before year-end, London will exceed its five-year average take-up (2019-2023) of 99,400 sq ft by 10%.

Total demand for laboratory space in London has reached 785,600 sq ft, with 363,200 sq ft classified as active demand. Notably, 75% of total demand is for space under 10,000 sq ft, reflecting the market’s focus on emerging companies seeking smaller, fully fitted laboratories. However, in recent months, there has been a significant rise in demand for larger spaces, with requirements for units ranging from 10,000 to 30,000 sq ft re-emerging in the market, making up 17% of demand.

This quarter saw a key development with Eli Lilly’s requirement resurfacing and focusing on Kings Cross. Although their space needs have reduced from 75,000 sq ft to 30,000 sq ft, this resurgence highlights the growing demand and improving market confidence in the sector.

A more favourable venture capital environment is fuelling this activity, with £1,026 million raised so far this year by life science and biotech firms headquartered in London, spread across 151 fundraisings and grants. This figure already represents a 48% increase over the five-year average of £694 million. Notably, London-based companies have contributed 66% of the total venture capital raised in the UK’s life science “Golden Triangle” in 2024.

However, despite the robust demand and positive funding landscape, 266,700 sq ft of laboratory space remains available, as the first wave of purpose-built lab buildings continues to enter the market.

In 2024, 103,100 sq ft of laboratory space has  transacted in Oxford, with a further 89,600 sq ft under offer. Notably, when we exclude the Moderna deal at Harwell in 2023, which comprised 65% of total take-up, take-up by the end of Q3 2024 is already 30% higher than the full year prior. If all current deals under offer are completed by year-end, Oxford is projected to surpass its five-year average take-up (2019-2023) by 3%. 


Significant deals include Nucleome securing 17,100 sq ft of fully fitted laboratory space at Inventa and Yellowstone completing 8,100 sq ft at Building 4100, ARC Oxford.

Demand for laboratory space in Oxford has reached 845,300 sq ft, with 503,600 sq ft classed as active demand. New large requirements, specifically those exceeding 50,000 sq ft, now represent 37% of active demand by area (185,000 sq ft).

Despite the strong demand, Oxford still has 255,000 sq ft of available laboratory space, mostly located in out-of-town science parks. In the city centre, Inventa remains the sole source of available laboratory space.

Oxford-based life science and biotech firms have raised £266 million across 43 fundraisings and grants in 2024. Similar to Cambridge, venture capital in Oxford remains limited, falling short of the five-year average of £628 million. However, the emergence of larger requirements in the market does indicate a gradual recovery in market confidence.

Science & Technology Report: Golden Triangle - Q3 2024 

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.

Science & Technology Market Intelligence