Offices & Labs Databook Oxford - January 2024

Life science account for two thirds of take up

Office and lab take up in Oxford in 2023 was in line with the long term average. While the life sciences sector was responsible for two thirds of floorspace lettings, the diversity of the Oxford economy was reflected in activity. Tech, green energy and the space sector all expanded in the cluster.

While the slowdown in venture capital has tempered demand from scale-up businesses, a healthy pipeline of University spinouts has underpinned stable requirements for smaller units. A fall in laboratory vacancies is expected this year, following a temporary spike a the end of 2023, following the delivery of new space. Rental growth will continue.