C&W Life Sciences Golden Triangle Lab Report Q4 -2022

OCCUPATIONAL MARKET

The occupational market has been affected by the lack of supply of quality labs in all markets, which has resulted in rising headline rents but a relatively modest level of take-up. Inventory remains low in all markets and those who have started to build have been rewarded, most noticeably at the Cambridge Biomedical Campus, where their 100,000 sq ft building at 1000 Discovery Drive is in detailed negotiations for almost the entirety, prior to practical completion at new rental highs. London has recorded 39% of the Golden Triangle take up this year, dominated by the pre-let to MSD in Kings Cross but more recently supported by the letting at Rolling Stock Yard at £110psf for a fitted lab. All markets have seen rents rise to new highs with 10–20% year-on-year growth.

LEASING VOLUMES

350,000 sq ft

300,000 sq ft

250,000 sq ft

200,000 sq ft

Cambridge Oxford London

150,000 sq ft

TAKE-UP

100,000 sq ft

50,000 sq ft

PRICING

0 sq ft

PRIME HEADLINE ‘CAT A’ LAB RENTS (£ PSF) Asset Location 2021 Q4-22

Q1-2021

Q2-2021

Q3-2021

Q4-2021

Q1-2022 Q2-2022 Q3-2022 Q4-2022

Movement

Outlook

PERIOD

Cambridge

£55.00 £50.00 £100.00

£65.00 £55.00 £110.00

+18.20% Increase +10.00% Increase +10.00% Increase

Source: Cushman & Wakefield

Oxford London

Specifications varies between markets

Q4 DEAL WATCH

COMPLETED

Occupier BlueGiant

Date

Rent (£ psf) Size (sq ft)

Reflected Spec

Landlord

Rolling Stock Yard, London Apex Tribeca, London 20 Water Street, London

Dec-22 Nov-22

£110.00 £65.00

7,600

Fitted Lab Shell & Core Shell & Core

Life Science REIT

LBIC

28,000 38,200

BAPT / Reef / BlackRock

Kadans Science Partner Nov-22

Confidential

Canary Wharf Group

UNDER OFFER 1000 Discovery Drive, Cambridge 245 Hammersmith Road, London 9400 Oxford Business Park, Oxford

BioNTech

Nov-22

£65.00 £90.00 £65.00

40,000

Cat A Lab Fitted Lab Fitted Lab

Prologis

Resolution Therapeutics Oct-22

6,000 9,500

L&G ARC

MiroBio

Nov-22

03 / Cushman & Wakefield / Life Sciences Golden Triangle Lab Report