> **来源：[研报客](https://pc.yanbaoke.cn)** # Prime Yield Guide – February 2026 Knight Frank Intelligence Based on rack rented properties and disregards bond type transactions This yield guide is for indicative purposes only and was prepared on 04 February 2026. Click here to view previous data <table><tr><td colspan="3">SECTOR</td><td>FEB-25</td><td>OCT-25</td><td>NOV-25</td><td>DEC-25</td><td>JAN-26</td><td>FEB-26</td><td>CHANGE</td><td>SENTIMENT</td></tr><tr><td rowspan="5" colspan="2">High Street Retail (institutional lot sizes)</td><td>Bond Street</td><td>2.75% - 3.00%</td><td>2.75% - 3.00%</td><td>2.75% - 3.00%</td><td>2.75% - 3.00%</td><td>2.75% - 3.00%</td><td>2.75% - 3.00%</td><td></td><td>POSITIVE</td></tr><tr><td>Oxford Street</td><td>4.50%</td><td>4.50%</td><td>4.50%</td><td>4.50%</td><td>4.50%</td><td>4.50%</td><td></td><td>POSITIVE</td></tr><tr><td>Prime Towns</td><td>6.50%</td><td>6.50%</td><td>6.50%</td><td>6.50%</td><td>6.50%</td><td>6.25%</td><td>-0.25%</td><td>STABLE</td></tr><tr><td>Regional Cities</td><td>7.00%</td><td>7.00%</td><td>7.00%</td><td>7.00%</td><td>7.00%</td><td>6.75%</td><td>-0.25%</td><td>STABLE</td></tr><tr><td>Good Secondary</td><td>10.00%</td><td>10.00%</td><td>10.00%</td><td>10.00%</td><td>10.00%</td><td>10.00%</td><td></td><td>STABLE</td></tr><tr><td rowspan="4" colspan="2">Shopping Centres (sustainable income)</td><td>Regional Scheme</td><td>7.50%</td><td>7.25% - 7.50%</td><td>7.25% - 7.50%</td><td>7.25% - 7.50%</td><td>7.25% - 7.50%</td><td>7.25% - 7.50%</td><td></td><td>POSITIVE</td></tr><tr><td>Sub-Regional Scheme</td><td>9.00% -</td><td>8.75% - 9.00%</td><td>8.50% - 9.00%</td><td>8.50% - 9.00%</td><td>8.50% - 9.00%</td><td>8.50% - 9.00%</td><td></td><td>POSITIVE</td></tr><tr><td>Local Scheme (successful)</td><td>10.00% -</td><td>9.75% - 10.00%</td><td>9.50% - 10.00%</td><td>9.50% - 10.00%</td><td>9.50% - 10.00%</td><td>9.50% - 10.00%</td><td></td><td>POSITIVE</td></tr><tr><td>Neighbourhood Scheme (assumes <25% of income from supermarket)</td><td>10.00% -</td><td>10.00% -</td><td>10.00% -</td><td>10.00% -</td><td>10.00% -</td><td>10.00% -</td><td></td><td>POSITIVE</td></tr><tr><td rowspan="6" colspan="2">Out of Town Retail</td><td>Open A1 Parks</td><td>5.25% - 5.50%</td><td>5.25% - 5.50%</td><td>5.25% - 5.50%</td><td>5.25% - 5.50%</td><td>5.25% - 5.50%</td><td>5.25% - 5.50%</td><td></td><td>STABLE</td></tr><tr><td>Good Secondary Open A1 Parks</td><td>6.75% - 7.00%</td><td>6.50% - 6.75%</td><td>6.50% - 6.75%</td><td>6.50% - 6.75%</td><td>6.50% - 6.75%</td><td>6.50% - 6.75%</td><td></td><td>STABLE</td></tr><tr><td>Bulky Goods Parks</td><td>5.50%</td><td>5.50%</td><td>5.50%</td><td>5.50%</td><td>5.50%</td><td>5.50%</td><td></td><td>STABLE</td></tr><tr><td>Good Secondary Bulky Goods Parks</td><td>6.75% - 7.00%</td><td>6.50% - 6.75%</td><td>6.50% - 6.75%</td><td>6.50% - 6.75%</td><td>6.50% - 6.75%</td><td>6.50% - 6.75%</td><td></td><td>STABLE</td></tr><tr><td>Solus Open A1 (15 year income)</td><td>6.00% -</td><td>6.00% -</td><td>6.00% -</td><td>6.00% -</td><td>6.00% -</td><td>6.00% -</td><td></td><td>STABLE</td></tr><tr><td>Solus Bulky (15 year income)</td><td>6.00% -</td><td>6.00% -</td><td>6.00% -</td><td>6.00% -</td><td>6.00% -</td><td>6.00% -</td><td></td><td>STABLE</td></tr><tr><td rowspan="3" colspan="2">Foodstores</td><td>Annual RPI Increases [NIY] (20 year income)</td><td>4.75%</td><td>4.75%</td><td>4.75%</td><td>4.75%</td><td>4.75%</td><td>4.75%</td><td></td><td>POSITIVE</td></tr><tr><td>Open Market Reviews (20 year lease, 5 yearly reviews)</td><td>5.75%</td><td>5.75%</td><td>5.75%</td><td>5.75%</td><td>5.75%</td><td>5.75%</td><td></td><td>POSITIVE</td></tr><tr><td>Discounters (20 years, 5 yearly indexation)</td><td>4.75%</td><td>4.50%</td><td>4.50%</td><td>4.50%</td><td>4.50%</td><td>4.50%</td><td></td><td>POSITIVE</td></tr><tr><td rowspan="2" colspan="2">Leisure</td><td>Prime Leisure Parks</td><td>8.00%</td><td>8.00%</td><td>8.00%</td><td>8.00%</td><td>8.00%</td><td>8.00%</td><td></td><td>STABLE</td></tr><tr><td>Good Secondary Leisure Parks</td><td>9.00%</td><td>9.00%</td><td>9.00%</td><td>9.00%</td><td>9.00%</td><td>9.00%</td><td></td><td>STABLE</td></tr></table> # Prime Yield Guide – February 2026 Knight Frank Intelligence Based on rack rented properties and disregards bond type transactions This yield guide is for indicative purposes only and was prepared on 04 February 2026. Click here to view previous data <table><tr><td></td><td colspan="2">SECTOR</td><td>JAN-25</td><td>SEP-25</td><td>OCT-25</td><td>NOV-25</td><td>DEC-25</td><td>JAN-26</td><td>CHANGE</td><td>SENTIMENT</td></tr><tr><td rowspan="11">Offices</td><td rowspan="11">Offices</td><td>City Prime (10 years)</td><td>5.25% - 5.50%</td><td>5.25%</td><td>5.25%</td><td>5.25%</td><td>5.25%</td><td>5.25%</td><td></td><td>POSITIVE</td></tr><tr><td>West End: Prime Core (Mayfair & St James's)</td><td>4.00%</td><td>4.00%</td><td>4.00%</td><td>4.00%</td><td>3.75% - 4.00%</td><td>3.75% - 4.00%</td><td></td><td>POSITIVE</td></tr><tr><td>West End: Non-core (Soho & Fitzrovia)</td><td>4.75%</td><td>4.50% - 4.75%</td><td>4.50% - 4.75%</td><td>4.50% - 4.75%</td><td>4.50% - 4.75%</td><td>4.50% - 4.75%</td><td></td><td>POSITIVE</td></tr><tr><td>Major Regional Cities (10 years)</td><td>6.50%</td><td>6.50%</td><td>6.50%</td><td>6.50%</td><td>6.50%</td><td>6.50%</td><td></td><td>STABLE</td></tr><tr><td>Major Regional Cities (5 years)</td><td>7.50%</td><td>7.50%</td><td>7.50%</td><td>7.50%</td><td>7.50%</td><td>7.50%</td><td></td><td>STABLE</td></tr><tr><td>Secondary, Regional Cities</td><td>11.00% +</td><td>11.00% +</td><td>11.00% +</td><td>11.00% +</td><td>11.00% +</td><td>11.00% +</td><td></td><td>NEGATIVE</td></tr><tr><td>South East Towns (10 years)</td><td>7.25%</td><td>7.25%</td><td>7.25%</td><td>7.25%</td><td>7.25%</td><td>7.25%</td><td></td><td>STABLE</td></tr><tr><td>South East Towns (5 years)</td><td>8.25%</td><td>8.25%</td><td>8.25%</td><td>8.25%</td><td>8.25%</td><td>8.25%</td><td></td><td>STABLE</td></tr><tr><td>Secondary, South East Towns</td><td>11.50% +</td><td>11.50% +</td><td>11.50% +</td><td>11.50% +</td><td>11.50% +</td><td>11.50% +</td><td></td><td>NEGATIVE</td></tr><tr><td>South East Business Parks (10 years)</td><td>8.00% +</td><td>8.00% +</td><td>8.00% +</td><td>8.00% +</td><td>8.00% +</td><td>8.00% +</td><td></td><td>NEGATIVE</td></tr><tr><td>South East Business Parks (5 years)</td><td>10.50% +</td><td>10.50% +</td><td>10.50% +</td><td>10.50% +</td><td>10.50% +</td><td>10.50% +</td><td></td><td>NEGATIVE</td></tr><tr><td rowspan="7">Warehouse & Industrial</td><td rowspan="7">Warehouse & Industrial</td><td>Prime Distribution / Warehousing (20 years [NIY], higher OMV/index)</td><td>5.00%</td><td>5.00%</td><td>5.00%</td><td>5.00%</td><td>5.00%</td><td>5.00%</td><td></td><td>STABLE</td></tr><tr><td>Prime Distribution / Warehousing (15 years, OMRRs)</td><td>5.25%</td><td>5.25%</td><td>5.25%</td><td>5.25%</td><td>5.25%</td><td>5.25%</td><td></td><td>STABLE</td></tr><tr><td>Secondary Distribution (10 years, OMRRs)</td><td>6.00%</td><td>6.00%</td><td>6.00%</td><td>6.00%</td><td>6.00%</td><td>6.00%</td><td></td><td>STABLE</td></tr><tr><td>Greater London Estates</td><td>4.75%</td><td>4.75%</td><td>4.75%</td><td>4.75%</td><td>4.75%</td><td>4.75%</td><td></td><td>STABLE</td></tr><tr><td>South East Estates</td><td>5.00%</td><td>5.00%</td><td>5.00%</td><td>5.00%</td><td>5.00%</td><td>5.00%</td><td></td><td>STABLE</td></tr><tr><td>Good Modern Rest of UK Estates</td><td>5.00% - 5.25%</td><td>5.00% - 5.25%</td><td>5.00% - 5.25%</td><td>5.00% - 5.25%</td><td>5.00% - 5.25%</td><td>5.00% - 5.25%</td><td></td><td>STABLE</td></tr><tr><td>Good Secondary Estates</td><td>6.50% - 7.00%</td><td>6.50% - 7.00%</td><td>6.50% - 7.00%</td><td>6.50% - 7.00%</td><td>6.50% - 7.00%</td><td>6.50% - 7.00%</td><td></td><td>STABLE</td></tr><tr><td rowspan="11">Specialist Sectors</td><td rowspan="11">Specialist Sectors</td><td>Car Showrooms (20 years with indexed uplifts & dealer covenant)</td><td>6.00%</td><td>6.00%</td><td>6.00%</td><td>6.00%</td><td>6.00%</td><td>6.00%</td><td></td><td>STABLE</td></tr><tr><td>Budget Hotels London (20 years, 5 yearly indexed reviews)</td><td>4.50 - 4.75%</td><td>4.50% - 4.75%</td><td>4.50% - 4.75%</td><td>4.50% - 4.75%</td><td>4.50% - 4.75%</td><td>4.50% - 4.75%</td><td></td><td>STABLE</td></tr><tr><td>Budget Hotels Regional (20 years, 5 yearly indexed reviews)</td><td>5.00 - 5.25%</td><td>5.25% +</td><td>5.25% +</td><td>5.25% +</td><td>5.25% +</td><td>5.25% +</td><td></td><td>STABLE</td></tr><tr><td>Student Accommodation Prime London (25 years, Annual indexation)</td><td>4.00%</td><td>4.00%</td><td>4.00% +</td><td>4.00% +</td><td>4.00% +</td><td>4.00% +</td><td></td><td>STABLE</td></tr><tr><td>Student Accommodation Prime Regional (25 years, Annual indexation)</td><td>4.25%</td><td>4.25%</td><td>4.25% +</td><td>4.25% +</td><td>4.25% +</td><td>4.25% +</td><td></td><td>STABLE</td></tr><tr><td>Healthcare (Not for Profit Operator, 30 years, Annual indexed reviews)</td><td>4.50%</td><td>4.50%</td><td>4.50%</td><td>4.50%</td><td>4.25% - 4.50%</td><td>4.25% - 4.50%</td><td></td><td>STABLE</td></tr><tr><td>Healthcare (SPV credit, 30 years, Annual indexed reviews)</td><td>5.75%</td><td>5.75%</td><td>5.75%</td><td>5.75%</td><td>5.75%</td><td>5.75%</td><td></td><td>STABLE</td></tr><tr><td>Data Centres (Leased, 15 years, Annual indexation)</td><td>5.00%</td><td>5.00%</td><td>5.00%</td><td>5.00%</td><td>5.00%</td><td>5.00%</td><td></td><td>STABLE</td></tr><tr><td>Life Sciences (15 years)</td><td>4.75%</td><td>4.75%</td><td>4.75%</td><td>4.75%</td><td>4.75%</td><td>4.75%</td><td></td><td>STABLE</td></tr><tr><td>Income Strips (50 years, Annual RPI / CPIH+1% RRs, Annuity Grade)</td><td>4.00%</td><td>4.00%</td><td>4.00% +</td><td>4.00% +</td><td>4.00% +</td><td>4.00%</td><td></td><td>STABLE</td></tr><tr><td>Ground Rents (125 years, Annual RPI / CPIH+1% RRs, <15% EBITDA cover, Vacant Possession cover <40%)</td><td>3.50%</td><td>3.50%</td><td>3.50% +</td><td>3.50% +</td><td>3.50% +</td><td>3.50%</td><td></td><td>STABLE</td></tr></table> # Prime Yield Guide – February 2026 Knight Frank Intelligence This yield guide is for indicative purposes only and was prepared on 04 February 2026. Click here to view previous data # LEADING INDICATORS The base rate is widely expected to remain unchanged at $3.75\%$ on Thursday. With early signs of a cooling labour market alongside firmer domestic growth, money markets and economists widely expect the BoE to keep the base rate at $3.75\%$ in February. Having already lowered rates from $5.25\%$ since August 2024, the Monetary Policy Committee is likely to proceed cautiously with further reductions this year. Even so, economists anticipate two additional quarter-point cuts in 2026, to $3.25\%$ by year-end. Global capital favours the UK. In 2025 the UK established itself as the second largest destination for cross-border CRE investment, trailing only the US. Total investment into the UK reached £28.2bn last year, up $+3\%$ year-on-year. Looking ahead to 2026, our Active Capital survey identifies the UK as the leading global destination for capital, with $60\%$ of respondents aiming to target the market. UK CRE lending rebounds to post-pandemic high. Net lending to UK commercial real estate rose in December, reaching £2.47bn and lifting the three-month rolling total to £6.69bn - its highest level since May 2020. DEBT MARKET - 26 January 2026 Source: Macrobond, ICAP <table><tr><td>BONDS & RATES</td><td>FEB2025</td><td>DEC2025</td><td>JAN2026</td><td>02 FEB2026</td></tr><tr><td>Bank of England Base Rate</td><td>4.75%</td><td>4.00%</td><td>3.75%</td><td>3.75%</td></tr><tr><td>5-year SONIA Swap Rate</td><td>3.92%</td><td>3.62%</td><td>3.61%</td><td>3.76%</td></tr><tr><td>10-year Gilt Redemption Yield</td><td>4.51%</td><td>4.49%</td><td>4.44%</td><td>4.58%</td></tr><tr><td>10-year Indexed Gilt Yield</td><td>0.97%</td><td>1.49%</td><td>1.48%</td><td>1.48%</td></tr></table> ESG Connection reform update: a new pipeline announced Intelligence Lab Industrial and Logistics Outlook 2026: Looking ahead with cautious optimism # KEY RESEARCH London Offices Spotlight A quarterly summary of the state of the London office market. # Knight Frank V&A # Did you know In addition to valuing assets in the main property sectors and having award winning teams in the Healthcare, Student and Automotive sectors, Knight Frank also has expertise in : - Waste and Energy Infrastructure Garden Centres Film Studios Serviced Offices Data Centres Life Sciences Income Strips Ground Rents - Trading assets Expert Witness - IPOs # KEY CONTACTS We like questions. If you would like some property advice, or want more information about our research, we would love to hear from you. # Emily Miller Partner - Valuation & Advisory - Head of UK Fund Valuations +44 20 7861 1483 Emily.Miller@KnightFrank.com # Simon Gillespie Partner - Valuation & Advisory - Head of Central London Valuations +44 20 7861 1292 Simon.Gillespie@KnightFrank.com # Matthew Dichler Partner - Valuation & Advisory - UK Fund Valuations +44 20 7861 5224 Matthew.Dichler@KnightFrank.com # Jeremy Tham Partner - Valuation & Advisory - Head of Real Estate Finance Valuations +44 20 7861 1769 Jeremy.Tham@KnightFrank.com # Chris Galloway Partner - Valuation & Advisory - Head of Business Development UK Fund Valuations +44 20 7861 1297 Chris.Galloway@KnightFrank.com # Will Matthews Partner - Research - Head of Commercial +44 20 3909 6842 William.Matthews@KnightFrank.com Knight Frank Research Reports are available at knightfrank.com/research Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of clients worldwide including developers, investors, funding organisations, corporate institutions and the public sector. All our clients recognise the need for expert independent advice customised to their specific needs. Important Notice: Knight Frank LLP 2026. This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no responsibility or liability whatsoever can be accepted by Knight Frank LLP for any loss or damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of Knight Frank LLP to the form and content within which it appears. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U BAN, where you may look at a list of members' names.