2023-01-12-莱坊-Investment_Yield_Guide_January_2023_4页_366kb

报告摘要

This report provides indicative market data on prime property yields in the UK as of January 2023.
Data is based on rack-rented properties and excludes bond-type transactions.
Prepared on January 10, 2023 by Knight Frank Intelligence.

Yields are generally observed to be falling (placing pressure on landlords) across most property sectors.
Sentiment indicates "WEAKER" performance throughout January 2023 compared to the previous month (December 2022), although specific year-on-year changes vary by sector.
A notable exception is stable yields seen in specific Data Centre (Operational) leases.

City Prime, West End, Major Regional Cities, Offices, and Budget Hotels all show weakening performance and declining yields (+%).
South East Towns, South East Business Parks, Industrial Space, and Healthcare also exhibit weakening and falling yields (+%).
Life Sciences (Oxford, Cambridge) shows stable yields.
Most Distribution/Warehousing and Student Accommodation sectors exhibit weaker performance.
The Bond Street, Oxford Street, and Prime High Street (Oxford/Windsor/Winchester) retail areas also show weakening performance and falling yields (+%).

Most retail formats, including Prime, Good Secondary, Shopping/Sustainable, Sub-Regional, Neighborhood, Open A1, Good Secondary A1, Solus Open A1, and Solus Bulky show weaker performance, falling yields (+%).
Retail Good Secondary Bulky Goods shows a slight strengthening yield (+0.25%), though the sentiment is still marked WEAKER.
Major Annual RPI Increases (assuming non-initial yield impact) also shows weaker performance (+%).

UK inflation moderation suggests potential conclusion near of the Bank of England's tightening cycle.
Commercial property lending has been robust but affordability challenges exist due to high debt costs.
Labour market shows signs of softening, but vacancy rates remain high. Office leasing demand, particularly in London, remains relatively healthy.
UK natural gas prices moderated, influencing inflation forecasts and debt markets.
Broader market uncertainty and dislocation noted.
Climate change focus (COP27) highlighted as an impact point for real estate.

Contact information provided for various Knight Frank Partners/Heads.
Disclaimer: The guide is for indicative purposes only, prepared on the date mentioned. Information should not be relied upon. Knight Frank LLP accepts no responsibility or liability for errors or omissions. Use this information at your own risk.

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