British Land’s move to acquire Life Science REIT (LABS) and its five remaining assets may represent a minor addition to the larger firm’s portfolio, but it underscores its thinking in the life sciences sector. Namely, that there’s not much life in life sciences.

Lem Bingley, PW editor

During an analyst call in November, British Land chief executive Simon Carter damned the once-bubbling sector with faint praise: “We have seen demand for lab space […] but I think today the AI tech demand is definitely stronger than the life sciences demand in London. But both feel like they’ve got pretty good prospects at this point.”

Part way through a managed wind-down, begun in September, Life Science REIT’s remaining 872,000 sq ft of assets comprises two buildings in London’s knowledge quarter, a 24-acre technology park in Oxford, a 13-acre campus in Cambridge and another smaller building in the same city. The London assets are fully let, but the 506,500 sq ft Oxford park is just over a quarter vacant.

If the deal goes ahead, British Land won’t fall over itself looking for biotech tenants. Carter outlined the plan: “Expanding the target occupier base from the previous life sciences mandate into the far broader and growing science and technology market.” Think nerds hammering keyboards rather than whitecoats rattling test tubes.

As British Land chief financial officer David Walker keenly pointed out: “Less than 6% of the [LABS] portfolio [by square foot] is lab space and, of that, 80% is let.”

If the deal to acquire LABS goes ahead, British Land won’t fall over itself looking for biotech tenants

He added: “The ‘golden triangle’ is the centre of VC [venture capital] funding in the UK, with growth particularly strong in AI businesses, where there was $8bn [£5.9bn] of investment in 2025 – more than offsetting the decline seen in life sciences investment since 2021.”

British Land has of course learned from 1 Triton Square, the asset it reclaimed from tech giant Meta in September 2023. At the time, British Land said it would make hay by refitting the building with sinks and fume cupboards, aiming for a 30% uplift over Meta’s £70/sq ft terms.

But even as the refit proceeded, demand for labs deflated. British Land and new co-owner Royal London Asset Management pivoted towards occupiers more inclined to spill coffee than chemicals.

On completion in October, 1 Triton Square hit the market with just one floor of fitted labs, three of ‘lab-enabled’ space (built to switch between labs or desks), one floor of flex offices and another three floors of traditional office space. All told, a science building with a lot of desks.

Nonetheless, in the few months since 1 Triton Square reached practical completion, the building has been filling up nicely: the tally quoted this week was 63,000 sq ft let with another 166,000 sq ft under offer – collectively 72% of the building. Executives weren’t keen to specify rents achieved, but data it has published puts the building’s estimated rental value at £108/sq ft.

Assuming the LABS deal completes, it will further British Land’s plans, while shifting the acquired assets further from life sciences.