2025年第四季度英国城市办公楼市场报告

Investment Rating - The report indicates a cautious but positive outlook for the UK office market, with a focus on Grade A space and a potential increase in investment activity in 2026 [5][11]. Core Insights - The UK office market showed resilience in 2025, with a total take-up of 5 million sq ft, slightly below 2024 levels but in line with the five-year average [6]. - Demand for Grade A office space remains strong, accounting for 61% of total take-up, driven by the Financial and Professional Services sector [6]. - The overall vacancy rate reached 14.1% in Q4 2025, with Grade A vacancy slightly increasing to 3.4%, indicating a competitive market for premium space [6]. - Investment volumes in the UK regional cities totaled £916 million in 2025, down 38% from the ten-year average, but the second half of the year saw increased activity [12]. - Prime rents across the UK regional cities rose by 3% annually, with the average now at £41 per sq ft, reflecting strong demand for quality office space [6][12]. Summary by Sections Leasing Overview - Total take-up for 2025 was 5,021,202 sq ft, which is a 5% decrease compared to the five-year average [4]. - Active demand at year-end was 3.9 million sq ft, with Financial and Professional Services leading at 43% [6]. - The development pipeline remains constrained, with only 1.7 million sq ft under construction [6]. Investment Overview - Investment volumes reached £916 million in 2025, which is 28% below 2024 levels [12]. - The second half of 2025 accounted for 60% of total investment activity, indicating a shift in buyer and seller pricing expectations [11]. - Prime office yields remained stable, ranging from 6.50% to 10.00% across various cities, highlighting the relative value outside London [12]. Leading Markets - Aberdeen: Total take-up was 294,709 sq ft, with Grade A vacancy at 1.7% [21]. - Birmingham: Annual take-up reached 651,507 sq ft, with a strong demand for Grade A space [27]. - Bristol: Total take-up was 604,119 sq ft, with a notable increase in demand for fitted space [33]. - Cardiff: Annual take-up was 289,808 sq ft, with a tightening supply of Grade A space [39]. - Edinburgh: Total take-up was 371,659 sq ft, with Grade A vacancy at 7.0% [45]. - Glasgow: Total take-up reached 471,753 sq ft, with a strong demand for prime offices [52]. - Leeds: Annual take-up was 632,790 sq ft, with a focus on high-quality workspace [59]. - Manchester: Total take-up was 1,059,264 sq ft, with a significant flight to quality [65]. - Newcastle: Total take-up was 458,893 sq ft, with a strong demand for modern, amenity-rich spaces [72]. - Sheffield: Total take-up was 192,399 sq ft, with a focus on refurbishment projects [76].