H1 2024 Life Sciences Update Market Summaries

UK: Oxford

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Market Summary

Public & Private Funding (2024 1H)

Rent vs. Vacancy Comparison

• Product availability is more diverse in Oxfordshire to meet a broad science base that covers biotech, energy, space and automotive sectors. The biotech sector has been growing every year, although the past 12 months have been below trend. • Lease flexibility is key in Oxford, with early-stage companies prepared to pay for flexibility, which allows them to scale up or down as necessary. • Occupiers continue to focus searches on locations that have greater scale and availability, allowing them to grow within a park or area. • There is a greater shift in demand toward fully fitted labs—or turnkey solutions—as it allows speed to occupation and for the capital raised to be invested into the science. • Take-up for the first half of 2024 was 141,005 sf, 32% down from the first half of 2023 2023 but roughly in line with the average. In addition, there are several transactions that are expected to be completed before the end of the year, which will put take-up close to the long-term average. • Pipeline supply includes 871,200 sf under construction, of which 380,000 sf is due to complete in 2025. • The vacancy rate in Oxford has risen this year, but it is sensitive to new developments completed without occupiers in place. Expect take-up to reduce this over the course of the year.

£ Raised (MM)

Fast Lab Stats

10% 12% 14% 16% 18% 20%

£0 £10 £20 £30 £40 £50 £60 £70

Company

Deal Type

Completed VC Round

2.1 MSF Market Square Footage £62.50 £ Per SF 17.5% Vacancy 19.4K Total Life Sciences Employment 210.1% Life Sciences Employment 10-Year Growth Rate

Beckley Psytech

Later Stage VC Jan 2024 4th Round

£50.1

Vacancy Rate

Genomics

Later Stage VC May 2024 5th Round £42.4

Accession Therapeutics Early Stage VC Apr 2024 3rd Round

£31.3

Theolytics

Later Stage VC Apr 2024 4th Round

£23.9

0% 2% 4% 6% 8%

Dark Blue Therapeutics Early Stage VC Mar 2024 3rd Round

£23.5

Infinitopes

Seed Round

Apr 2024 4th Round

£16.0

Oxford Endovascular

Later Stage VC May 2024 5th Round

£10.0

Prime Headline Asking Rent £/sf

2018

2020

2022

2024

Newrotex

Grant

Feb 2024

£2.1

Asking Rents

Overall Vacancy

Orbit Discovery

Grant

Apr 2024

* Rents adjusted to reflect occupier costs of office to lab conversion

Oxford Drug Design

Later Stage VC Feb 2024 7th Round

Representative Investment Sale Transactions (2024 1H)

Address

Type

£ MM

RBA SF

Date

Buyer

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings

Debenhams, Oxford

Retail to Lab Conversion

£33M

126,005 May-24 Pioneer Group & The Crown Estate

Company

Type

Macclesfield House, Oxford Centre for Innovation, Oxford

100 120 140 160 180

Lab

£10M

21,500 May-24 Oxford Business College

Global HQ – Oxford Science Park

Oxford Nanopore

Oxfam House, Oxford Business Park Office to Lab Conversion

£37.1M

88,324 Apr-24 Private

Oxford Biomedica Global HQ & R&D – Oxford Business Park Adaptimmune Therapeutics R&D – Milton Park Agilent Technologies UK HQ & R&D - Harwell Immunocore HQ & R&D – Milton Park

Representative Lease Transactions (2024 1H)

- 20 40 60 80

Address

Size (SF) New/Renewal

Type

Quarter

Landlord

Company

MEPC

4,560 New 2,200 New 27,791 New 2,300 New 12,692 New 57,000 New 17,462 New

Q2 Q2 Q2 Q2

NeoVac

Milton Park

Wet Lab Wet Lab Wet Lab Wet Lab Wet Lab

Kadans Science Partners The Oxford Science Park

MediMab

Abingdon Science Park The Oxford Science Park

Ellison Institute

Research Centre - Headington

Novo Nordisk

Hartwell PLC

Deep Tech Recycling

Wotton Science Park

2020 2021

2022

2023

2024

Kadans Science Partners

Q1 Q1 Q1

Oxford Nanopore Technologies The Oxford Science Park

Life Science REIT

WAE Technologies

Oxford Technology Park

Hybrid

• University of Oxford • Oxford University Hospitals NHS Foundation Trust • NIHR Biomedical Research Centre • Diamond Light Source • Jenner Institute • Ellison Institute of Technology Bio Degree-Awarding Institutions, Metro Area

ARC

OrganOx

Oxford Business Park

Dry Lab

Research Contributors Harry Blanshard harry.blanshard@cushwake.com

Rory MacGregor rory.macgregor@cushwake.com

Sources: Cushman & Wakefield Research, CoStar, National Institutes of Health (NIH), Lightcast, Pitchbook, Federal Reserve Economic Data (FRED)

CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2024 SEPTEMBER