2023-07-14-莱坊-London_Offices_Spotlight_Q2_2023_7页_2mb

报告摘要

Take-up remains below long-term average, but active requirements continued to rise in Q2 2023, indicating strengthening demand despite economic pressures from rising interest rates.
Supply and vacancy: New stock and refurbishments are increasing supply, while vacancy rates remain elevated in some submarkets due to under-absorption.
City assets are being re-priced in response to declining yields, reflecting cautious investor sentiment.

Rising Demand: Active leasing requirements increased by 8.53 million sq ft year-on-year.
Supply Overhang: A significant amount of space is new or under refurbishment, contributing to softer net absorption.
Interest Rate Impact: Further downward pressure on valuations and yields as the Monetary Policy Committee raises rates.

Vacancy Rate: 6.9% (up from previous quarter).
Leasing: West End continues to dominate transaction sizes, with prime rent for prime stock at £135 PSF.
Investment: Lower vacancy rates in prime locations fuel investment interest, but yields rose to 5.25%, signaling caution.

Vacancy Rate: 9.3% (high compared to other submarkets).
Leasing: Minimal impact from development completions (e.g., Canary Wharf), with transactions limited to speculative tenants.
Investment: Activity subdued, with transactions driven by niche buyers.

Vacancy Rate: 7.1% (tightest across submarkets), despite continued development completions at prime addresses.
Leasing: High-quality spaces leased quickly, with prime stock at £99 PSF.
Investment: Activity increases in select areas, with sites like Berkeley Square commanding premium values.

Investments focus on prime assets, particularly in high-demand zones like West End Core.
Yields increased in all submarkets (e.g., City South reached 5.25%), reflecting weaker funding conditions and interest in yield-hedging.