March 2025 Life Sciences Update

UK: Cambridge

MARKETS CONTENTS

Market Summary

Public & Private Funding (2024)

Rent vs. Vacancy Comparison

• Occupiers are increasingly prioritizing locations with greater scalability, enabling them to expand within a park or larger area. • Demand continues to shift toward fully fitted laboratories and turnkey solutions, offering rapid occupation and allowing businesses to direct raised capital toward advancing their scientific initiatives. • Proximity to large talent pools remains a critical factor for occupiers, driving focus on strategically positioned locations. • Take-up in the second half of 2024 totalled 65,000 sf, bringing the annual figure to 147,000 sf — a 58% decrease compared to 2023. • Currently, 987,000 sf of available space is under construction, with 55% scheduled for completion in 2025. • The vacancy rate stood at 4.8% at the end of 2024, a trend expected to persist into 2025 due to the completion of new developments and subdued demand for these spaces. • Rental growth is anticipated to remain modest as supply continues to increase.

Fast Lab Stats

£90

7%

£ Raised (MM)

Company

Deal Type Completed VC Round

4.3 MSF Market Square Footage £77.00 £ Per SF 4.8% Vacancy 18.4K Total Life Sciences Employment 38.2% Life Sciences Employment 10-Year Growth Rate

£80

6%

Apollo Therapeutics Later Stage VC Jan 2024 2nd Round

£260.0

£70

Vacancy Rate

5%

Nuclera

Later Stage VC Aug 2024 4th Round

£73.4

£60

4%

Constructive Bio

Early Stage VC Sep 2024 3rd Round

£58.0

£50

£40

Healx

Later Stage VC Aug 2024 6th Round

£47.0

3%

£30

Mission Therapeutics Later Stage VC Mar 2024 5th Round

£44.0

2%

£20

LoQus23 Therapeutics Later Stage VC Oct 2024 3rd Round

£35.0

1%

£10

CellCentric

Later Stage VC Jul 2024 15th Round

£35.0

Prime Headline Asking Rent £/sf

£0

0%

2018

2020

2022

2024

Epitopea

Early Stage VC Oct 2024 2nd Round

£31.0

bit.bio

Later Stage VC Dec 2024 6th Round

£30.0

Asking Rents

Overall Vacancy

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

CN-Bio

Later Stage VC Apr 2024 7th Round

£27.7

Representative Investment Sale Transactions (2024)

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings

Address

Type

£ MM RBA SF

Date Buyer

Radio House & St Andrew's House, Cambridge

Lab

25

85,488 Dec-24 HIG Capital & Lateral

Company

Type

300

1000,2000& 9000 Cambridge Research Park

Lab

44.5

110,220 Nov-24 Royal London Asset Management

Global HQ & R&D – Cambridge Biomedical Campus

AstraZeneca

250

Abcam, Cambridge BioMedical Campus

Lab

125

102,110 Oct-24 Danaher

Lion Works & Recodery, Whittlesford

Lab

12.8

23,077 Oct-24 Barwood

Illumina

UK HQ – Granta Park

200

Global HQ – Cambridge Biomedical Campus

Abcam

Representative Lease Transactions (2024)

150

UK HQ – Cambridge Science Park

Company

Address

Size (SF) New/Renewal

Type

Quarter Landlord

Amgen

100

Immaterial

Unit 3, Accelerator Park

9,200

Hybrid

Q4 Canmoor

New

UK R&D – Chesterford Research Park

Charles River

50

Syndex Bio

The Press, Foxton

4,100

Wet Lab

Q4 Mission Street

New

UK R&D – Babraham Research Campus

Power Integrations

Radio House, City Centre

14,500

Dry Lab

Q3 HIG Capital & Lateral

New

-

Sanofi

2020 2021

2022 2023 2024

Biocrucible

Chesterford Research Park

9,800

Wet Lab

Q3 Aviva/Uttlesford DC

New

Sortera Bio Limited

Sovereign House, Vision Park

6,200

Wet Lab

Q3 Kadans Science Partners

New

Kymab

Babraham Research Park

4,400 New

Wet Lab

Q3 Babraham

Bio Degree-Awarding Institutions, Metro Area

Mestag Therapeutics

Chesterford Research Park

2,000

Wet Lab

Q3 Aviva/Uttlesford DC

New

RNA-VATE

Babraham Research Park

1,200

Wet Lab

Q3 Babraham

New

Cambridge University

• • • • • •

NIHR Biomedical Research Centre

Wellcome Trust

Contributors

Cancer Research UK Babraham Institute

Harry Blanshard harry.blanshard@cushwake.com

Medical Research Council

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

90