March 2025 Life Sciences Update

UK: Oxford

MARKETS CONTENTS

Market Summary

Public & Private Funding (2024)

Rent vs. Vacancy Comparison

• Product availability in Oxford is increasingly diverse, catering to a wide ranging science base that includes the biotech, energy, space and automotive sectors. • The traditional life sciences sector has experienced consistent growth, with wet lab space take-up increasing 134% compared to 2023. • Lease flexibility remains a critical factor in Oxford, with early-stage companies willing to pay a premium for adaptable terms that enable them to scale operations up or down as needed. • There is also a growing demand for fully fitted laboratories and turnkey solutions, as these options enable quicker occupation and allow businesses to channel raised capital directly into advancing their scientific pursuits. • The development pipeline comprises 1.04 msf under construction, with 590,000 sf scheduled for completion in 2025. • While the vacancy rate in Oxford decreased in in the second half of the year, it remains highly sensitive to the delivery of new developments without a pre let in place.

£ Raised (MM)

Fast Lab Stats

£70

18%

Company

Deal Type

Completed VC Round

16%

2.9 MSF Market Square Footage £62.50 £ Per SF 15.5% Vacancy 19.4K Total Life Sciences Employment 209.6% Life Sciences Employment 10-Year Growth Rate

£60

Beckley Psytech

Later Stage VC Jan 2024 4th Round

£50.1

14%

Vacancy Rate

£50

Genomics

Later Stage VC Nov 2024 5th Round

£33.9

12%

Enara Bio

Later Stage VC Oct 2024 5th Round

£32.5

£40

10%

Accession Therapeutics Early-Stage VC Sep 2024 3rd Round £24.8

8%

£30

6%

Theolytics

Later Stage VC Apr 2024 3rd Round £30.2

£20

4%

Infinitopes

Seed Round

Apr 2024 4th Round

£16.0

£10

2%

Oxford Endovascular

Later Stage VC May 2024 5th Round

£8.0

£0

0%

Prime Headline Asking Rent £/sf

2018

2020

2022

2024

Newrotex

Grant

Jan 2024

£2.1

Asking Rents

Overall Vacancy

Theolytics

Grant

Sep 2024

£2.0

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

SynaptixBio

Grant

Aug 2024

£2.0

Representative Investment Sale Transactions (2024)

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings

Address

Type

£ MM

RBA SF

Date

Buyer

Company

Type

Clarendon Quarter, Oxford

Mixed-use Lab Development

25.3

172,377

Dec-24 Private

180

Pioneer Group & The Crown Estate

Global HQ – Oxford Science Park

Debenhams, Oxford

Retail to Lab Conversion

33

126,005 May-24

Oxford Nanopore

160

140

Global HQ & R&D – Oxford Business Park

Oxford Biomedica

120

Representative Lease Transactions (2024)

100

Adaptimmune Therapeutics

R&D – Milton Park

80

Address

Size (SF) New/Renewal

Type

Quarter

Landlord

Company

Agilent Technologies

The Iversen Building, Oxford Science Park

UK HQ & R&D - Harwell

60

61,000 New

Conf

Wet Lab

Q4 Magdalen College/GIC

40

MEPC

23,000 New

Agratas

142a Park Drive, Milton Park

Wet Lab

Q4

Immunocore

HQ & R&D – Milton Park

20

ARC/Brookfield

7,000 New

Amber Tx

Hybrid

Q4

Unit 1, Tech Foundry 2, Harwell Building 7200,Oxofrd Business Park Hayakawa Building, Oxford Science Park

Research Centre - Headington

Novo Nordisk

-

ARC/Brookfield

3,000 New

FluoRok

Wet Lab

Q4

2020 2021

2022

2023

2024

1,200 New

MOA Technology

Wet Lab

Q4 Magdalen College/GIC

Bio Degree-Awarding Institutions, Metro Area

Mission Street

20,000 New

Nucleome

Inventa, Botley Road

Wet Lab

Q3

Building 4100, Oxford Business Park

ARC/Brookfield

8,100 New

Yellowstone

Wet Lab

Q3

University of Oxford

• •

Oxford University Hospitals NHS Foundation Trust NIHR Biomedical Research Centre

• • • •

Research Contributors

Diamond Light Source

Jenner Institute

Harry Blanshard harry.blanshard@cushwake.com

Rory MacGregor rory.macgregor@cushwake.com

Ellison Institute of Technology

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

• National Quantum Computing Centre • UK Space Agency

Cushman & Wakefield

92