> **来源：[研报客](https://pc.yanbaoke.cn)** # Prime Yield Guide – January 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 12 January 2026. Click here to view previous data <table><tr><td colspan="3">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="5">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></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></td><td>POSITIVE</td></tr><tr><td>Prime Towns</td><td>6.75%</td><td>6.50%</td><td>6.50%</td><td>6.50%</td><td>6.50%</td><td>6.50%</td><td></td><td></td><td>STABLE</td></tr><tr><td>Regional Cities</td><td>7.25%</td><td>7.00%</td><td>7.00%</td><td>7.00%</td><td>7.00%</td><td>7.00%</td><td></td><td></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></td><td>STABLE</td></tr><tr><td rowspan="4">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></td><td>POSITIVE</td></tr><tr><td>Sub-Regional Scheme</td><td>9.00% -</td><td>8.75% - 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></td><td></td><td>POSITIVE</td></tr><tr><td>Local Scheme (successful)</td><td>10.00% -</td><td>9.75% - 10.00%</td><td>9.75% - 10.00%</td><td>9.50% - 10.00%</td><td>9.50% - 10.00%</td><td>9.50% - 10.00%</td><td></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></td><td>POSITIVE</td></tr><tr><td rowspan="6">Out of TownRetail</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></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></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></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></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></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></td><td>STABLE</td></tr><tr><td rowspan="3">Foodstores</td><td>Annual RPI Increases [NIY] (20 year income)</td><td>4.75% - 5.00%</td><td>4.75%</td><td>4.75%</td><td>4.75%</td><td>4.75%</td><td>4.75%</td><td></td><td></td><td>POSITIVE</td></tr><tr><td>Open Market Reviews (20 year lease, 5 yearly reviews)</td><td>6.00%</td><td>5.75%</td><td>5.75%</td><td>5.75%</td><td>5.75%</td><td>5.75%</td><td></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></td><td>POSITIVE</td></tr><tr><td rowspan="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></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></td><td>STABLE</td></tr></table> # Prime Yield Guide – January 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 12 January 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>4.75% -</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>5.25% -</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>4.25%</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>4.50%</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>NEGATIVE</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>NEGATIVE</td></tr></table> # Prime Yield Guide – January 2026 Knight Frank Intelligence This yield guide is for indicative purposes only and was prepared on 12 January 2026. Click here to view previous data # LEADING INDICATORS US Private Equity hits decade-high fundraising. US private equity is entering a new phase of deployment. In 2025, the top 10 funds captured $46\%$ of all US fundraising, up from $35\%$ in 2024 and above the 10-year average of $39\%$ , marking the strongest level in over a decade. With US PE raising record capital, the potential for increased investment into UK commercial real estate could be significant. Sovereign capital returns to UK CRE. As we move into 2026, lower oil prices could accelerate diversification by sovereign wealth funds (SWFs) into commercial real estate. For oil-rich nations, CRE offers liability matching, consistent returns, and portfolio stability. This trend is already visible - SWF investment into UK CRE rose to £1.83bn in 2025, a +161% year-on-year increase. And UK Shopping Centres set to outperform... The latest IPF Consensus Forecast points to All Property total returns are projected at $+8.4\%$ in 2026, up from $+7.1\%$ in 2025. Between 2025-2029, Shopping Centres and Retail Warehouses are expected to be the best-performing sectors with a total return of $+8.7\%$ and $+8.3\%$ per annum, respectively. DEBT MARKET -24 November 2025 Source: Macrobond, ICAP <table><tr><td>BONDS & RATES</td><td>JAN 2025</td><td>NOV 2025</td><td>DEC 2025</td><td>12 JAN 2026</td></tr><tr><td>Bank of England Base Rate</td><td>4.75%</td><td>4.00%</td><td>4.00%</td><td>4.00%</td></tr><tr><td>5-year SONIA Swap Rate</td><td>4.30%</td><td>3.62%</td><td>3.62%</td><td>3.62%</td></tr><tr><td>10-year Gilt Redemption Yield</td><td>4.87%</td><td>4.47%</td><td>4.49%</td><td>4.49%</td></tr><tr><td>10-year Indexed Gilt Yield</td><td>1.26%</td><td>1.56%</td><td>1.49%</td><td>1.49%</td></tr></table> ESG More of the same? Sustainability & real estate for 2026 Intelligence Lab What's in the Mix for '26? # KEY RESEARCH # The Retail Note - Xmas 2025: so far, so decent This Retail Note analyses the performance of the retail market over Christmas and tries to make sense of the usual mass of contradictions. # 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 +442078611769 Jeremy.Tham@KnightFrank.com # Chris Galloway Partner - Valuation & Advisory - Head of Business Development UK Fund Valuations +442078611297 Chris.Galloway@KnightFrank.com # Will Matthews Partner - Research - Head of Commercial +442039096842 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. 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