2022-08-10-莱坊-M25_Offices_Q2_2022_7页_3mb

报告摘要

Leasing Activity: High demand and occupier confidence drove leasing activity, with Q2 take-up reaching 1,000,000 sq ft, above the 10-year quarterly average and the highest since 2018.
Headline Rents: Rents increased due to quality demand, especially from life sciences. Occupier confidence contributed to rising rents and tightening incentives.
Deal Highlights: Unilever's 282,000 sq ft headquarters in Kingston was a major deal. Tech tenants and Grade A spaces saw strong rent increases.

Investment Volume: Q2 investment reached £1.06bn, the highest quarterly volume since 2016 (including H1 total £1.4bn), driven by life sciences.
Life Sciences: Continued strong performance, attracting global capital. Key investments include Oxford Technology Park, acquired by a Life Science REIT.
International Buyers: Dominated Q2 deals (62%), but rising debt costs led to softening prices for shorter-term stock.

Supply Constraints: Vacancy stable at 6.9%, with limited supply (~2.3m sq ft under construction) sustaining strong prime yields (~5.25%) and headline rents.
Sector Demand: Strongest demand in TMT, Financial Services, Life Sciences, and Pharmaceuticals.
Economic Pressures: UK economic outlook and geopolitical uncertainty raised risks, impacting valuation and buyer sentiment.

Q2 performance driven by pent-up demand and occupier confidence.
Supply constraints will likely sustain rent growth and incentivize tenants to move early.
Ongoing challenges from inflation and debt costs may necessitate cautious strategies in the market.

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