A report from the life sciences cluster MedCity has a boom in demand for London lab space and an influx of investment into the sector. Identified demand for space “exceeds 500,000 square feet and over half of that needs to be satisfied within two years”, the publication states. This number is around four times that recorded in 2016. Intensive R&D activity has led to queues for life science company vying for floorspace in innovation centres and laboratories.
The ‘London Life Sciences Real Estate Demand Report’ considers the reasons for life sciences companies choosing London as their key location. Being close to clinical services, and to other research companies are among the main points of attraction, according to surveyed companies. The Knowledge Quarter near to King’s Cross is an example of a popular hub spot for sector companies. Certain areas in London are highly favoured, leading to demand being focussed in these locations.
Neelam Patel, CEO of MedCity, who published the report in association with Creative Places, added: “These insights will strengthen our ability to shape the research community’s space in London and realise the huge opportunity that we have to grow our sector here and across the UK.”