Lab crunch: British science needs more space
In our first episode of 2024, we talk about Britain’s laboratory shortage, with start-ups actively searching for lab space amid a dearth of supply.
1 minute to read
Anna Ward is joined by Knight Frank partner and life sciences specialist Jennifer Townsend to discuss the growth of the UK’s £90bn health and life sciences sector.
In London alone, the city is struggling to provide biotech and life sciences entrepreneurs with the research space they need.
Knight Frank data shows that demand for lab space in the capital stands at 793,000 sq ft, while availability is just 179,295 sq ft – less than a quarter of current requirements. UK-wide, life sciences firms raised £3.3bn in venture capital financing last year, ranking as the third-highest amount over the past ten years. On a year-over-year basis, funding to the sector declined 7% compared to 2022. However, life sciences performed better than the broader UK venture capital landscape, which saw investment drop to £16.1 billion in 2023 - a 44% decrease compared with 2022.
Anna also speaks to Deirdre O’Reilly, senior research analyst at Knight Frank, to find out more about the rise in film and TV production spend in the UK and how this is fuelling an increase in film studio take up. If production spending reaches £8.7 billion by 2028, Knight Frank has estimated an additional 2.6 million sq ft of additional studio space will be needed. Deirdre also pinpoints two other key industrial sectors to watch in 2024…
Download our UK Film and Television Studios market report. Listen here, or wherever you get your podcasts.