Life Sciences Update | 2022 October

FAST FACTS 5

Oxford

Market Summary

Public & Private Funding (2022)

Rent vs. Vacancy Comparison

Fast Lab Stats

• Lease flexibility is key in Oxford with occupiers prepared to pay for flexibility, which allows them to scale up or down as necessary. • Occupiers are more regularly focusing searches on locations that have greater scale, 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. • The focus around locations with large talent pools remains greater than ever as the rise in VC funding has promoted employee growth and a greater strain on the talent pool.

Company

Deal Type

Completed Type £ Raised (MM)

£55.0

10% 12% 14% 16% 18%

1.5 MSF Market Square Footage £50.00 £ Per SF 2.00% Vacancy 11.2K Total Life Sciences

MiroBio

Early Stage VC Jun 2022

VC

£79.8

£50.0

OMass Therapeutics Later Stage VC Apr 2022 VC

£76.9

Vacancy Rate

T-Cypher Bio

Later Stage VC Jul 2022

VC

£6.0

£45.0

Dark Blue Therapeutics

Early Stage VC Feb 2022 VC

£4.1

£40.0

0% 2% 4% 6% 8%

Cytox

Later Stage VC Feb 2022 VC

£3.2

£35.0

Oxford Drug Design Later Stage VC May 2022 VC

£2.8

Average Asking Rent £/sf

MitoRx Therapeutics Seed Round Apr 2022 VC

£2.0

£30.0

Exogene (Discovery Tools)

Seed Round Apr 2022 VC

£1.6

£25.0

Employment 65.5% Life Sciences Employment 10-Year Growth Rate

2017 2018 2019 2020 2021 2022

Angel (individual)

Bioarchitech

Feb 2022 VC

£1.2

Asking Rents

Vacancy Rate

HydRegen

Early Stage VC Jan 2022

VC

£0.5

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

Representative Investment Sale Transactions (2022)

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings

Address

Type

£ MM RBA SF

Date Buyer

Company

Type

Beaver House, Oxford

Office to lab conversion

£65.0 70,200 Jul 2022 UBS

2500

Retail mall to mixed use incl lab conversion

Oxford Biomedica Global HQ & R&D – Oxford Business Park

Clarendon Centre, Oxford

N/A 250,000 Mar 2022 Lothbury IM / Oxford Science Enterprises

2000

Oxford Technology Park, Oxford Office to lab conversion

£183.0 401,500 May 2022 Life Science REIT

Global HQ – Oxford Science Park

Oxford Nanopore

The Centrica Building, Oxford Business Park

Office to lab conversion

£61.5

82,300 Jan 2022 Royal London Asset Management

Adaptimmune Therapeutics Agilent Technologies

R&D – Milton Park

1500

UK HQ & R&D - Harwell

Representative Lease Transactions (2022)

1000

Company

Address

Size (SF) New/Renewal

Type

Quarter Landlord

Building 3500 Oxford Business Park Monarch House Abingdon Science Park

Exact Sciences

17,500 New Letting Labs / Office

Q2

ARC

500

Continuum Life Science

10,100 New Letting Labs

Q2

Kadans Science Partner

0

2018

2019

2020 2021

2022

Oxford Nanopore

Genesis, Harwell Campus

22,700 New Letting Labs

Q1

ARC

The Quadrant Abingdon Science Park

Sense Bio

8,800 New Letting Labs

Q1

Kadans Science Partner

Bio Degree-Awarding Institutions, Metro Area

Contributors

• •

University of Oxford

Harry Blanshard harry.blanshard@cushwake.com

Oxford Brookes University

Emma Stratton emma.stratton@cushwake.com

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

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/ CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2022 OCTOBER