Report

Offices & Labs Databook Oxford - Summer 2023

13.7.23 5 MIN READ

While requirements have slowed in response to the more challenging finance environment, the continued demand for quality space in key locations is driving further growth in prime rents.

Long awaited delivery of space reflected in H1 laboratory take up.

The life sciences sector continues to dominate activity across the Oxford market, accounting for two thirds of combined office and laboratory lettings over the past 18 months. With its bedrock of university science and tech spin outs, the cluster has felt the impact of the slowing in VC funding, with some requirements being scaled back or put on hold.

However, Moderna’s decision to locate at Harwell Campus, underlines the growing significance of Oxford as a global life science cluster. Demand continues to outstrip supply and the delivery of labs in H1 space has translated into robust take up.

Both prime office and lab rents are forecast to see further uplifts.

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