Space-tech real estate is forecast to take-off, following in the footsteps of the UK’s post-Covid-19 life sciences property boom, according to Savills.
The UK has doubled down on its blossoming industry, which pulls around £16bn into the economy each year, as it looks to launch from its own soil this summer.
“The space industry stories that grab the headlines are usually those involving billionaires, but there are many sub-sectors that employ thousands of people and have specific and significant real estate needs,” head of UK science at Savills, Tom Mellows, explained.
Mellows noted that the UK government’s national ambition will also bolster the space ecosystem and “rapidly increase the demand” for real estate – from HQ offices to research and development (R&D) and high-value manufacturing facilities.
Astra Space, a Californian aerospace company, is the latest space tech firm to bet on Britain, having unveiled its intention today to launch from SaxaVord’s spaceport in the Shetland Islands as early as next year.
“It’s very exciting for the global real estate market,” Steven Lang, director in Savills commercial research team, added.
And while launch sites are “very specialised” and geared towards infrastructure funds in partnership with public investment – “there are many R&D, academic-linked and corporate locations that will emerge as the ecosystem grows, akin to the life science sector,” said Lang.