Q4 2023 Take-Up Statistics
- Key deals cause a surge in Golden Triangle leasing activity, totalling 352,000 sq ft in Q4
- This is more than double both the previous quarter and the five year quarterly average
- Q4 brings the 2023 total to 925,000 sq ft – the highest annual volume since 2015
Evolving Demand and Supply
- Leasing volumes remain restrained by the shortage of supply in Cambridge
- New stock completing in Oxford and London has eased acute availability shortages
- There is 3.1 million sq ft of life sciences space under construction across the Golden Triangle
- 26% of supply under construction is pre-let or under offer
- Occupier demand across the Golden Triangle remains robust
- Prime headline rents in Cambridge are now at £70.00 psf, up 8% of Q3’s £65.00 psf
Investment Market Insights
- Investment activity in the Golden Triangle picked up in Q4 2023 leading to an annual total of over £553 million
- This reflects a significant drop versus previous years, with activity continuing to be impacted by higher interest rates
- The visible pipeline of assets coming to market, or going under offer, suggests investment activity will pick up going into 2024
Venture Capital
- Venture capital (VC) funding in 2023 was down 8% on the five-year average, but is expected to increase in 2024
- Golden Triangle VC funding volumes totalled £2.14 billion in 2023
- Early Stage VC raises were fewer in number but larger in size
Read more in our latest quarterly report External Link or get in touch with a member of the team to discuss further.