Offices & Labs Databook Oxford - February 2025

Rebound in office take up and key life science letting

Office and lab combined take-up was in line with the long-term average in 2024, driven by the advanced manufacturing, life science and tech sectors. The revival in office demand was notable, pushing the availability rate to the lowest level since the pandemic.

The lab market also saw the availability rate fall, but with a significant volume of both office and lab space under construction, vacancy levels could rise in the short term. However, this new supply is likely to unlock significant latent demand and help Oxford achieve critical mass as a life science and tech cluster.