UK Life Science Marketbeat Report

For the data behind the commentary, download the full Q4 2025 UK Life Sciences Report

Looking back: Cushman & Wakefield activity in 2025

Cushman & Wakefield’s Science & Innovation team played a market-leading role across the Golden Triangle in 2025, contributing to 74% of all wet lab space transacted during the year. Activity was underpinned by a number of high-profile and strategically important instructions, most notably a series of Ellison Institute of Technology transactions at The Oxford Science Park. Further standout achievements include advising Ashby Capital and Native Land on pre-letting the whole of Kova KX in London’s Knowledge Quarter to LifeArc, alongside acting for QuEra Computing, one of the most exciting global quantum computing businesses, on its UK expansion at Harwell, highlighting the growing convergence between life sciences, deep tech and advanced computing within the Golden Triangle.

In addition to completed transactions, the team closed the year advising on 41% of all lab space under offer, providing strong visibility into forward leasing momentum despite a subdued funding and occupier environment for much of 2025. This sustained market share reflects Cushman & Wakefield’s depth of occupier relationships, sector specialism and ability to execute complex lab transactions, even as leasing volumes softened and vacancy rose across all three markets.

Looking forward: outlook for 2026

The outlook for the Golden Triangle in 2026 is cautiously constructive, shaped by a gradual rebalancing of supply and demand following the wave of completions delivered through 2024 and 2025. Vacancy rates have risen, particularly in London, while leasing activity has remained below long-term averages, reflecting continued capital discipline among occupiers and a more selective venture funding environment. However, the development pipeline is now moderating, with construction volumes slowing and a growing proportion of consented schemes expected to be deferred or not delivered, which should help prevent structural oversupply from emerging.

Encouragingly, there are early signs that occupier demand will strengthen through 2026. Later-stage companies continue to secure the majority of available capital, M&A activity is expected to increase as large pharmaceutical groups look to replenish R&D pipelines and easing interest-rate expectations should gradually improve investor and occupier confidence. Against this backdrop, best-in-class, well-located lab space, particularly fitted or adaptable wet lab product, is expected to outperform. As funding conditions stabilise and the current under-offer pipeline converts to completed deals, 2026 is likely to mark the transition from market stabilisation to a more sustainable phase of growth across the Golden Triangle science and innovation sectors.

Disclaimer: The views expressed in this report are provided for general informational purposes only and do not constitute investment advice or a solicitation.