2025年第一季度英国城市办公楼市场报告

Investment Rating - The report indicates a muted investment activity in the office market, with prime office yields remaining stable at 6.50% across the UK cities [6][18]. Core Insights - The leasing market remains resilient, with occupier activity reaching 1.4 million sq ft in Q1 2025, reflecting a 27% increase compared to the same period in 2024 [9][10]. - Larger requirements are driving occupier demand, with three leasing transactions exceeding 100,000 sq ft, the highest since Q4 2020 [11][12]. - The technology, media, and telecommunications (TMT) sector accounted for 20% of space leased, representing the highest proportion of occupier demand [13]. - A 'fight for quality' is evident, with 52% of total space leased being new and grade A, and a vacancy rate of just 3.0% for this segment [14]. - Investment volumes fell significantly, reaching £151.8 million, a 71% decline quarter-on-quarter and 38% below the 5-year Q1 average [15][16]. - The absence of high-value sales is noted, with 95% of transactions below £20 million, indicating limited liquidity at the upper end of the market [17]. - Prime pricing has stabilized, with yields remaining at 6.50%, reflecting a 25 basis points compression year-on-year [18][19]. Summary by Sections Aberdeen - Occupier take-up increased by 94% year-on-year to 61,942 sq ft, although 16% below the 5-year average [26]. - Grade A availability fell by 6% quarter-on-quarter to 122,134 sq ft, reflecting a 32% decline over the past year [26]. - Investment activity reached £7.7 million, 37% below the 5-year average [26]. Birmingham - Occupier take-up totaled 75,522 sq ft, a 45% fall quarter-on-quarter and 60% below the 10-year average [34]. - New and grade A space accounted for 81% of leasing activity [34]. - Investment activity reached £27.1 million, 40% less than the previous quarter [34]. Bristol - Occupier take-up was 92,995 sq ft, reflecting an 8% fall from the previous quarter [42]. - Grade A availability stood at 304,347 sq ft, stable quarter-on-quarter but 142% above the 5-year average [42]. - Investment activity totaled £35.8 million, 52% below the 10-year average [42]. Cardiff - Take-up reached 94,068 sq ft, 5% above the 5-year average [50]. - Grade A availability dipped to 291,760 sq ft, a 7% fall from the previous quarter [50]. - Investment activity reached £24.6 million, 77% above the equivalent period in 2024 [50]. Edinburgh - Leasing volumes reached 99,373 sq ft, 12% above the 5-year Q1 average [58]. - Grade A availability increased to 700,435 sq ft, 19% above the equivalent point in 2024 [58]. - Investment activity was £3.3 million, following the sale of 48-50 Melville Street [58]. Glasgow - Occupier take-up totaled 158,567 sq ft, 79% above the equivalent period in 2024 [66]. - The total market vacancy rate stood at 9.3%, down from 10.3% a year earlier [64]. - No office investment transactions occurred in Q1 2025 [66]. Leeds - Take-up reached 241,282 sq ft, a 53% increase quarter-on-quarter [73]. - Grade A availability fell to 140,362 sq ft, 48% below the 5-year average [73]. - Investment activity was £16 million, solely from the sale of the Mint Building [73]. Manchester - Leasing activity totaled 319,995 sq ft, a 14% increase from the previous quarter [81]. - Grade A availability fell by 9% quarter-on-quarter to 549,245 sq ft [81]. - Investment activity was £13.6 million, reflecting a 66% year-on-year fall [81]. Newcastle - Occupier take-up rose to 257,476 sq ft, 292% above the 10-year quarterly average [88]. - Grade A availability stood at 221,528 sq ft, a 17% fall compared to the previous quarter [86]. - Prime rents remained stable at £32.00 per sq ft, with a 31% increase since the pandemic [88]. Sheffield - Take-up reached 39,992 sq ft, 51% below the previous quarter [95]. - Grade A availability rose to 307,300 sq ft, 121% above the 5-year average [95]. - Investment activity reached £23.8 million, 76% above the 10-year quarterly average [96].