Monday 01st March 2021
Home General Business News Call for speculative building to meet “desperate need” for lab space in Cambridge

Call for speculative building to meet “desperate need” for lab space in Cambridge

E-mail Print PDF

Developers are being urged to build speculative R&D space around Cambridge to meet a “desperate need” for more laboratory space for expanding life sciences firms as investment in the sector grows.

According to Savills, the capital raised for the life sciences sector in the region was some 14 per cent higher in January than in all of 2020. But further development is needed for the new investment to translate into new property deals. Currently, there is around 134,000 sq ft of lab space being refurbished for delivery in 2021 at Chesterford Research Park and Granta Park but no new similar space is under construction.

William Clarke, head of the commercial team at Savills Cambridge, said: “In order for Cambridge to retain its world renowned status as a key global life science hub, we must see more development of suitable R&D and lab space. The amount of capital being invested into the sector reflects the growing demand from life science occupiers and at present we simply don’t have the supply to cater to these requirements. With this in mind, we urge both developers and investors to consider building speculatively given the strength of Cambridge’s market fundamentals.” According to Savills' Life Sciences: Trends & Outlook Report, Cambridge saw £1.21 billion of life science-related capital raised by UK companies in 2020, ranking it 11th globally for venture capital funding, excluding the US.

Last Updated ( Tuesday, 02 February 2021 10:53 )