Science companies in Oxford and Cambridge will need 40 football fields worth of lab space to accommodate growth by 2023, new research shows.
Lab space
A report by property consultancy Bidwells states that despite Brexit, growth in the science and technology sectors is expected to continue over the next five years.
The report, which includes market data and interviews with 50 science and technology companies, states that by 2023 businesses are looking to attract 20,000 new R&D workers.
As investment in the sector continues a demand of around 2.5m square feet over the next five years is expected.
The report also states that employment would need to grow by around 22% to support growth.
The estimated growth could add £2.8 billion to the UK economy, helping to boost the science and technology sector – which employs 90,000 in Oxford and Cambridge and is worth an estimated £9.8 billion.
Patrick McMahon, senior partner at Bidwells, said: “Oxbridge’s soaring S&T sectors are a huge UK success story but we must do everything to ensure the area can maintain its place as a global leader post-Brexit. That means infrastructure, dozens of new labs, a million new homes and certainty over employment.
“Businesses that cannot get the space or people they need will take their investment elsewhere and the time is now to launch clear proactive policy and a single joined up growth plan for the area to ensure its future world leading status.”
The report said that recruitment depends heavily on strong connectivity through quality infrastructure and close proximity between academia, research institutions and industry.
While Brexit was not noted as a major challenge, its impact on the recruitment of high skilled international talent was regarded as a major concern.
The report warned that growth could be stifled by a lack of joined up thinking between government and planners in regard to the future demand of lab space in an already constrained market.
It also said that the government needs to adopt a ‘Cambridge or overseas’ mentality towards knowledge-intensive business and recognise many companies will relocate abroad if the area is no longer fit for purpose.