* Turbocharge science real estate to unlock London's world-leading science potential
London has some of the most cutting-edge academia, research institutions and labs in the world, but much more can be done to cement the city's status as a global science superpower, new research from British Land and Savills shows.
The report, Accelerating Innovation in London, builds on the nationwide report, Accelerating Innovation: a five point plan to boost life sciences real estate, and recognises the critical role of real estate in supporting the government's ambitions of becoming a global leader in science. It offers recommendations for unlocking growth in the sector with a specific focus on London's unique attributes in academia, research, talent, investment and creativity.
The report highlights that if the London science market pursued the same levels of projected growth for the science real estate market in London as expected in New York, one of the recognised markets for sciences in the US along with Boston and Silicon Valley, by 2035, it would generate 52,000 more jobs, £3.1 billion in additional GVA per year and an extra £850 million per year in tax revenue to fund public services.
This presents a considerable opportunity for the UK to leverage its capital city to position itself as an attractive and effective destination for global science and technology investment, provided it establishes the proper ecosystem for growth. To reach its full potential and be at the heart of growth in all areas from life sciences to green tech to data science and AI, the UK must overcome challenges surrounding the chronic lack of available lab space in and around London, with planning delays and the lack of a coordinated inward investment strategy further limiting the growth of this critical sector.
British Land and Savills have set out three recommendations that would help deliver London growth quickly, urging the Mayor to:
* Set ambitious growth targets for the sector including growing GVA by 40%, tripling the value of inward foreign direct investment by 2035 and collaborating with the private sector to secure world-leading anchor tenants.
* Enable planning delivery by refreshing London's Opportunity Areas and creating a new GLA sciences taskforce to support innovation-led regeneration.
* Embed ESG into the sector so that London can lead the way for investors and occupiers on the global stage. This can be achieved by expanding sector-specific employment, skills and training opportunities to secure talent pipelines and ensure inclusive economic growth, and adopting standards and guidance to reduce whole life carbon in science real estate.
Michael Wiseman, Head of Workspace Leasing & Science and Technology at British Land, said: "The potential for London sciences is significant, and unlocking real estate growth in this region, alongside the wider Golden Triangle, is key to supporting the UK's ambitions to become a world leader for sciences. Real estate is a critical enabler of this growth, and accelerating delivery of the right space in the right locations will result in higher and more sustainable economic growth, employment and R&D for both London and the wider UK."
British Land is behind a number of significant science and technology projects in London, having delivered lab enabled space at Regent's Place and Canada Water, with over 2 million sq ft of science and technology space in the pipeline. British Land provides spaces that are ready to occupy, fully serviced and cater for growth, supporting companies operating at the intersection of science and technology to become the businesses of the future and achieve their commercial, research and ESG aims.
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Media Enquiries:
Charlotte Whitley, British Land 07887 802 535
About British Land
Our portfolio of high quality UK commercial property is focused on London Campuses and Retail & London Urban Logistics assets throughout the UK. We own or manage a portfolio valued at £12.7bn (British Land share: £8.7bn) as at 30 September 2023 making us one of Europe's largest listed real estate investment companies.
We create Places People Prefer, delivering the best, most sustainable places for our customers and communities. Our strategy is to leverage our best in class platform and proven expertise in development, repositioning and active management, investing behind two key themes: Campuses and Retail & London Urban Logistics.
Our three campuses at Broadgate, Paddington Central and Regent's Place are dynamic neighbourhoods, attracting growth customers and sectors, and offering some of the best connected, highest quality and most sustainable space in London. We are delivering our fourth Campus at Canada Water, where we have planning consent to deliver 5m sq. ft of residential, commercial, retail and community space over 53 acres. Our Campuses account for 62% of our portfolio.
Retail & London Urban Logistics accounts for 38% of the portfolio and is focused on retail parks which are aligned to the growth of convenience, online and last mile fulfilment. We are complementing this with urban logistics primarily in London, focused on development led opportunities.
Sustainability is embedded throughout our business. Our approach is focused on three key pillars where British Land can create the most benefit: Greener Spaces, making our whole portfolio net zero carbon by 2030, Thriving Places, partnering to grow social value and wellbeing in the communities where we operate and Responsible Choices, advocating responsible business practices across British Land and throughout our supply chain, and maintaining robust governance structures.
Further details can be found on the British Land website at www.britishland.com.
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