Offices & Labs Databook Cambridge - January 2024

New lab stock pushes take up to seven year high

2023 saw the delivery of new much needed lab stock satisfying some longstanding requirements. This pushed take up to its highest level in seven years, although a significant shortfall of 850,000 sq ft persists, driving continued rental growth.

Office take-up was in line with 2022 activity, with a broad base of demand. The quality and location remain key determinants for businesses, and this is reflected in expectations for prime rents over the next five years.

Despite challenging economic headwinds there has been a positive increase in construction starts that will deliver much needed office and lab space in 2024 and beyond.