2026-03-04-莱坊-Investment_Yield_Guide_March_2026_4页_821kb

报告摘要

Prime Yield Guide – March 2026 Summary

Core Content

This document is a Prime Yield Guide published by Knight Frank Intelligence on 03 March 2026. It provides indicative yield data for various real estate sectors in the UK, based on rack rented properties and excluding bond type transactions. The guide highlights market trends, yield changes, and sector sentiment for the period from March 2025 to March 2026.

Main Sectors and Yield Data

High Street Retail (institutional lot sizes)

Bond Street: 2.75% - 3.00% (consistent across all months)
Oxford Street: 4.50% (consistent)
Prime Towns: 6.50% (consistent)
Regional Cities: 7.00% (consistent)
Good Secondary: 10.00% (consistent)

Shopping Centres (sustainable income)

Regional Scheme: 7.50% (slightly decreased to 7.25% in March 2026)
Sub-Regional Scheme: 9.00% - (slightly decreased to 8.50% in March 2026)
Local Scheme (successful): 9.50% - (slightly decreased to 9.50% in March 2026)
Neighbourhood Scheme: 10.00% - (consistent)

Out of Town Retail

Open A1 Parks: 5.25% - 5.50% (consistent)
Good Secondary Open A1 Parks: 6.50% - 6.75% (consistent)
Bulky Goods Parks: 5.50% (consistent)
Good Secondary Bulky Goods Parks: 6.50% - 6.75% (consistent)
Solus Open A1 (15 year income): 6.00% - (consistent)
Solus Bulky (15 year income): 6.00% - (consistent)

Offices

City Prime (10 years): 5.25% - 5.50% (consistent)
West End: Prime Core (Mayfair & St James' s): 4.00% (consistent)
West End: Non-core (Soho & Fitzrovia): 4.75% (consistent)
Major Regional Cities (10 years): 6.50% (consistent)
Major Regional Cities (5 years): 7.50% (consistent)
Secondary, Regional Cities: 11.00% + (consistent)
South East Towns (10 years): 7.25% (consistent)
South East Towns (5 years): 8.25% (consistent)
South East Business Parks (10 years): 8.00% + (consistent)
South East Business Parks (5 years): 10.50% + (consistent)

Warehouse & Industrial

Prime Distribution / Warehousing (20 years [NIY], higher OMV/index): 5.00% (consistent)
Prime Distribution / Warehousing (15 years, OMRRs): 5.25% (consistent)
Secondary Distribution (10 years, OMRRs): 6.00% (consistent)
Greater London Estates: 4.75% (consistent)
South East Estates: 5.00% (consistent)
Good Modern Rest of UK Estates: 5.00% - 5.25% (consistent)
Good Secondary Estates: 6.50% - 7.00% (consistent)

Specialist Sectors

Car Showrooms (20 years with indexed uplifts & dealer covenant): 6.00% (increased to 6.25% in March 2026)
Budget Hotels London (20 years, 5 yearly indexed reviews): 4.50% - 4.75% (consistent)
Budget Hotels Regional (20 years, 5 yearly indexed reviews): 5.00% - 5.25% (increased to 5.25% + in March 2026)
Student Accommodation Prime London (25 years, Annual indexation): 4.00% (increased to 4.00% + in March 2026)
Student Accommodation Prime Regional (25 years, Annual indexation): 4.25% (increased to 4.25% + in March 2026)
Healthcare (Not for Profit Operator, 30 years, Annual indexed reviews): 4.50% (slightly decreased to 4.25% - 4.50% in March 2026)
Healthcare (SPV credit, 30 years, Annual indexed reviews): 5.75% (consistent)
Data Centres (Leased, 15 years, Annual indexation): 5.00% (consistent)
Life Sciences (15 years): 4.75% (consistent)
Income Strips (50 years, Annual RPI / CPIH+1% RRs, Annuity Grade): 4.00% (slightly decreased to 4.00% - in March 2026)
Ground Rents (125 years, Annual RPI / CPIH+1% RRs, <15% EBITDA cover, Vacant Possession cover <40%): 3.50% (slightly decreased to 3.50% - in March 2026)

Key Market Indicators

UK PMIs: Signal firm Q1 growth, indicating a positive economic outlook.
Chancellor Rachel Reeves: Delivers Spring Statement with an estimated £22bn of headroom, driven by tax receipts.
Retail Sales: Show stronger consumer demand, with major investment banks forecasting a £247bn of gilt sales in the fiscal year to March 2027, a 20% drop from this year.
UK Gilt Yields: Ten-year yields have fallen to just above 4.3%, indicating a more favorable market for leveraged CRE buyers.
Base Rate: Remains at 4.50%, consistent with previous months.
SONIA Swap Rate: 4.04% in March 2025, decreased to 3.62% in March 2026.
10-year Gilt Redemption Yield: 4.69% in March 2025, decreased to 4.39% in March 2026.
10-year Indexed Gilt Yield: 1.19% in March 2025, decreased to 1.26% in March 2026.

Sector Sentiment

High Street Retail: Positive sentiment
Shopping Centres: Positive sentiment
Out of Town Retail: Stable sentiment
Offices: Positive sentiment
Warehouse & Industrial: Stable sentiment
Specialist Sectors: Mostly stable sentiment, with some slight increases or decreases

Additional Information

ESG: The guide mentions the shift from ethics to earnings in real estate, focusing on risk and reward.
Intelligence Lab: Explores the impact of Ecommerce, Defence, Power, and Sustainability on UK logistics.
Knight Frank V&A: Highlights expertise in Waste and Energy, Infrastructure, and other specialized sectors.
Key Contacts: Includes a list of partners and their contact details for property advice and research inquiries.

Conclusion

The Prime Yield Guide for March 2026 indicates a mixed trend in real estate yields across various sectors, with positive sentiment in High Street Retail and Offices, and stable yields in Shopping Centres, Out of Town Retail, and Warehouse & Industrial. The guide also highlights the importance of ESG and the impact of gilt issuance on market dynamics, suggesting a more favorable environment for real estate investment in the UK.

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