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The Developer’s Lens: Science and Technology

Developers By Peter Stocks, Consultant, Building Services – 31 January 2025

Cityscape of Canary Wharf

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Peter Stocks in a suit and white shirt in front of stoage and office planting

Peter Stocks

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Following the UK government's 2024 Autumn Statement, the science and technology sector has plenty to be cheerful about. It was announced that the Department for Science, Innovation and Technology will receive an additional £520 million to create a new Life Sciences Innovative Manufacturing Fund, to drive the country’s ambition to be a leader in the science and technology sector. This is promising to hear, but what do developers think about opportunities for growth within this sector?

Having been involved in the UK commercial workplace sector for many years, supporting major developers, as well as occupiers, we have gained an insight into the needs of both sides of the development equation.

As consultants, we are seeing a lot of building owners and developers in a range of locations trying to attract science and technology companies to newly built and repurposed buildings, as an alternative to the traditional office user. Building owners are keen to make their assets as flexible as possible to accommodate the specific needs of 'SciTech' companies; providing space for various types of laboratories and associated offices with good storey heights, sufficient risers in the cores, and roof space for plant.

A significant opportunity for building owners and developers lies within the SciTech 'golden triangle' between London, Oxford, and Cambridge.

With London’s excellent transport links, several teaching hospitals, and higher education establishments with research facilities, there are numerous buildings located nearby which have been, or could be, repurposed for the SciTech sector. For example, the major King's Cross and Regent’s Place developments are close to King’s Cross Station and both University College London, and University College London Hospitals.

Canary Wharf is a great example of how certain types of buildings can attract different uses. Having traditionally been an alternative to the City of London for the financial sector, we have recently seen several traditional major occupiers leaving the area, but due to the storey height, scale, and size of buildings, Canary Wharf has since attracted many different types of use, including the SciTech sector. As a result, building owners and developers in Canary Wharf are making their offering more flexible and looking to re-envision the area for either office use or SciTech. Being close to St. Mary’s University and London Hospital also offers Canary Wharf the opportunity to develop its relationships with these universities and hospitals and with local global occupiers such as Barclays, Citibank, JPMC, MorgC, Morgan Stanley, and Bank of America.

Cambridge and Oxford have numerous universities with research facilities as well as teaching hospitals, located alongside traditional offices and retail developments, which presents a huge opportunity to repurpose these spaces for SciTech facilities.

With the demand for science and technology ever-growing, developers want flexibility and adaptability for laboratories, creating a wider market, and in the long run, creating more sustainable and cost-effective spaces, enabling the breakthroughs of tomorrow to happen today.

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