The UK Innovation Corridor has a unique ecosystem of talent and commerce, with world-class businesses, universities and R&D centres standing firmly on a heritage of ground-breaking discovery and invention, as shown by a new report released today at the Genesis Conference by the London Stansted Cambridge Consortium.
This makes it the perfect place to start and build an innovation company and invest in place-making.
Three dynamic factors have led to continued investment and start-ups by innovative technology-based companies, as well as significant commercial real estate investments in recent years:
- The existing presence and continued expansion of technology-based businesses serving global markets
- The global research leadership and talent base present in UKIC
- World-leading place-making for innovation
As the report shows, The UK Innovation Corridor (UKIC) area has significant specialisation in Life Sciences; Agri-tech; ICT, Digital and Media; and Business Services.
Both Life Sciences and ICT, Digital and Media are around twice as specialised as the country as a whole. The concentration of knowledge-focused businesses is also 50% higher than the rest of the UK.
With 242,800 employees in ICT, Digital and Media the Corridor is home to leading multinational tech giants and innovative new start-ups. From the Cambridge Cluster through to Hertfordshire’s technology businesses, and Tech City in London, the UKIC is a world leader in artificial intelligence.
17% of all life sciences employment in England is based in the UKIC. This success is built upon 37 research institutes. Innovation assets include the Babraham Research Campus, the Anglia Ruskin MedTech Campus, Stevenage Bioscience Catalyst, St John’s Innovation Centre, and the newly opened £12m Innovation Centre Knowledge Gateway is based on the University of Essex’s Colchester campus.
The Corridor also includes the Kings Cross Knowledge Quarter, the Wellcome Genome Campus, Cambridge Science Park, Chesterford Science Park, and Harlow Science Park. Other locations, with plans for expansion, include Alconbury Enterprise Campus, Cambridge Biomedical Campus, Twentyfive25, and Marshmoor.
Public Health England has chosen Harlow as the location for its new national public health campus.
There are 55 properties in the UKIC area, outside of London that are rated 4 or 5 star by CoStar in the category of office, light industrial and specialized uses, totalling 2.7 million square feet. In October 2019, there was 112,000 square feet of vacant property, a 4.7 per cent vacancy rate, and an average rent of £28.02 per sq ft.
Recent investors in commercial property in the UKIC area include: Aviva, Legal & General Group plc, JP Morgan Chase & Co, Zurich Assurance, the University of Cambridge, The Royal London Mutual Insurance Society Ltd and Deutsche Bank AG.
The region is a powerhouse of innovation, and is set to continue its leading role in the UK innovation economy.
The UK’S leading industry networks are based here, including One Nucleus, the global life sciences industry network; CW (Cambridge Wireless), the leading international community for the application of wireless, mobile and associated technologies; Agri-Tech East; and the Stem Cell Network. UKIC’s start-up support institutions are world-renowned.
Dr Ann Limb CBE DL Chair London Stansted Cambridge Consortium, said: “We’re continuing to transform how we design and create places for innovation, facilitating high amenity communities that foster collaboration. This is evident in the recent investments planned and occurring in Cambridge Science Park, The Wellcome Trust Genome Campus, Granta Park, and Harlow Science Park.
“This short report highlights our continued advantages and strengths for supporting continued growth in knowledge-based industries”.