British Land and Savills have launched a new report, Accelerating Innovation: A five-point plan to boost life sciences real estate, which outlines a series of far-reaching recommendations designed to accelerate the delivery of life sciences growth across the UK.

The report recognises the vital role of real estate in supporting the government’s ambitions of becoming a global life sciences leader and offers a blueprint for unlocking growth in the sector.

It adds that there is a severe shortage of real estate space to accommodate both current and predicted demand, with vacancy rates for fitted laboratory space in the Golden Triangle of just 1% in Cambridge and London and 7% in Oxford.

The report highlights that if the life sciences markets within the Golden Triangle matched the growth seen in leading markets in the US, by 2035, it would generate 67,000 more jobs, £4bn in additional GVA per year and an extra £1.1bn per year in tax revenue to fund public services.

Simon Carter, chief executive at British Land, said: “In order for the UK to become a life sciences world leader, we need to quickly increase the supply of life sciences real estate with the right specifications in the right places. Today we’ve recommended five tangible actions to supercharge growth. The potential is huge and we are ready to play our part to grasp the opportunity.”