2025-04-14-莱坊-London_Offices_Spotlight_Q1_2025_7页_1mb
报告摘要
Summary of London Offices Spotlight Q1 2025
Core Content
This document provides a quarterly snapshot of the London office market, focusing on key submarkets such as City & Southbank, Docklands & Stratford, and West End. It outlines trends in leasing and investment activity, vacancy rates, prime rents, and the development pipeline for the first quarter of 2025.
Main Market Themes
- Core-risk asset sales reached a two and a half year high, indicating increased market activity and potential shifts in investment strategies.
- Above average new and refurbished lettings continue to drive the leasing market, showing strong demand for modern office spaces.
- Structural imbalances in key business districts are fueling further prime rental growth, suggesting that supply and demand dynamics are affecting rental prices in these areas.
Submarket Key Indicators
| Submarket | New/Refurb Vacancy Rate | Vacancy Rate | Prime Rent (£) | Quarterly Change | Rent Free Periods (Months) |
|---|---|---|---|---|---|
| Aldgate/Whitechapel | 5.5% | 12.4% | £57.50 | ▲ | 27 |
| City Core | 3.3% | 7.2% | £100.00 | ▲ | 24-27 |
| Clerkenwell/Farringdon | 7.5% | 13.1% | £92.50 | ▲ | 24 |
| Midtown | 3.3% | 7.1% | £85.00 | ▲ | 27 |
| Southbank Core | 5.7% | 8.6% | £90.00 | ▲ | 24-27 |
| Vauxhall/Battersea | 18.0% | 19.4% | £60.00 | ▲ | 24-27 |
| Canary Wharf | 5.7% | 13.7% | £57.50 | ▲ | 27-30 |
| Rest of Docklands | 5.4% | 10.5% | £32.50 | ▲ | 30 |
| Stratford | 24.6% | 30.7% | £48.50 | ▲ | 27 |
| Bloomsbury | 3.6% | 6.2% | £82.50 | ▲ | 24-27 |
| Fitzrovia | 6.0% | 11.3% | £95.00 | ▲ | 24 |
| King's Cross/Euston | 7.3% | 8.3% | £90.00 | ▲ | 24-27 |
| Knightsbridge/Chelsea | 7.9% | 12.0% | £102.50 | ▲ | 24-27 |
| Marylebone | 6.8% | 8.8% | £105.00 | ▲ | 24 |
| Paddington | 3.9% | 5.6% | £85.00 | ▲ | 24-27 |
| Soho | 3.8% | 5.0% | £100.00 | ▲ | 24 |
| Strand/Covent Garden | 9.2% | 11.3% | £90.00 | ▲ | 24-27 |
| Victoria | 2.9% | 3.7% | £92.50 | ▲ | 24-27 |
| West End Core | 3.1% | 4.7% | £167.50 | ▲ | 21 |
| White City | 14.0% | 20.5% | £57.50 | ▲ | 24-27 |
Key Leasing Market Trends
City & Southbank
- Take-up increased significantly in Q1 2025 compared to the previous quarter.
- Vacancy Rate slightly decreased, reflecting improved market conditions.
- Active Requirements showed a slight decline, suggesting a more stable demand environment.
Docklands & Stratford
- Take-up remained low but showed some fluctuation across quarters.
- Vacancy Rate was above average, with a notable increase in new/refurbished vacancy rates.
- Active Requirements fluctuated, indicating a potential shift in demand.
West End
- Take-up was relatively high, with a notable increase in Q1 2025.
- Vacancy Rate remained stable, with a slight decrease in some quarters.
- Active Requirements showed a decrease, suggesting a more competitive market.
Key Investment Market Trends
City & Southbank
- Investment Turnover increased significantly in Q1 2025.
- Yield remained stable, showing no major change from the previous quarter.
- Under Offer values fluctuated, indicating a dynamic market.
Docklands & Stratford
- Investment Turnover remained at zero for several quarters.
- Yield was consistent, with no significant changes.
- Under Offer showed a sharp increase in Q1 2025, suggesting rising interest in the market.
West End
- Investment Turnover increased significantly, reflecting strong market activity.
- Yield remained stable, with no major change from the previous quarter.
- Under Offer values fluctuated, indicating a mixed market environment.
Key Leasing Deals
| Building | Sq ft | Occupier | Rent (PSF) |
|---|---|---|---|
| 25 Finsbury Circus, EC2 | 154,526 | Simmons & Simmons | Confidential |
| 1 Liverpool Street, EC2 | 72,412 | Knight Frank | Confidential |
| Stonecutter Court, EC4 | 61,698 | Confidential | Confidential |
| 40 Leadenhall, EC3 | 47,783 | Huckletree | Confidential |
| 76 Southbank, SE1 | 40,933 | PayPal | £95.00 |
Key Investment Deals
| Building | Price | Capital Value (PSF) | Yield | Purchaser |
|---|---|---|---|---|
| 2 Finsbury Avenue, EC2 | Confidential | Confidential | - | Modon Holding |
| 1 Portspoken Street, E1 | £160.1 m | £670 | 6.86% | Confidential |
| Morley House, EC1 | £62.5 m | £1,237 | - | Altius Real Estate |
| 21 Moorfields, EC2 | £60.0 m | £1,316 | - | Sotetsu Urban Creates & Yasuda Real Estate |
| 42 Southwark Bridge Road, SE1 | £36.0 m | £372 | - | UBS |
Development Pipeline
- City & Southbank: The development pipeline shows a mix of new and existing projects, with some areas experiencing a decline in availability.
- Docklands & Stratford: The pipeline remains relatively low, with no significant investment turnover recorded.
- West End: A substantial development pipeline is expected, with a focus on new and refurbished spaces.
Technical Notes
- All floorspace figures refer to sq ft net.
- Take-up figures include space let, pre-let, or acquired for occupation.
- Availability includes space available for immediate occupation and space under construction.
- Demand figures refer to named requirements for over 10,000 sq ft.
- Under construction figures refer to developments of over 20,000 sq ft.
- Investment figures include transactions of £1 m and above, with the majority of income from office usage.
Contact Information
- London Offices Spotlight is produced by Knight Frank Insight.
- For further questions or property advice, contact:
- Philip Hobley (Head of London Offices): philip.hobley@knightfrank.com | +44 20 7861 1192
- Angus Goswell (Chairman of London Offices): angus.goswell@knightfrank.com | +44 20 7861 5150
- London Leasing:
- Dan Gaunt: dan.gaunt@knightfrank.com | +44 20 7861 1314
- Ian McCarter: ian.mccarter@knightfrank.com | +44 20 7861 1506
- Abby Brown: abby.brown@knightfrank.com | +44 20 7861 1306
- Katie Oliphant: katie.oliphant@knightfrank.com | +44 20 3967 7172
- London Lease Advisory: Simon Austen (simon.austen@knightfrank.com | +44 20 7861 1341)
- London Development: Andrew Tyler (andrew.tyler@knightfrank.com | +44 20 7861 1319)
- London Capital Markets:
- Jamie Pope: jamie.pope@knightfrank.com | +44 20 3830 8638
- Nick Braybrook: nick.braybrook@knightfrank.com | +44 20 7861 1309
- Edward Fairweather: edward.fairweather@knightfrank.com | +44 20 7861 1323
- London Tenant Representation: Richard Proctor (richard.proctor@knightfrank.com | +44 20 7861 5159)
- Flexible Office Solutions: Amanda Lim (amanda.lim@knightfrank.com | +44 20 3826 0661)
- Valuation & Advisory: Simon Gillespie (simon.gillespie@knightfrank.com | +44 20 7861 1292)
- London Research: Shabab Qadar (shabab.qadar@knightfrank.com | +44 20 7861 1234)
- London Data: Jessica Tsang (jessica.tsang@knightfrank.com | +44 20 7629 8171)
General Note
This report is prepared by Knight Frank Insight, the research and consultancy division of Knight Frank. It acknowledges the assistance of the London office teams. Some data is sourced from LOD, and graph data is sourced by Knight Frank.
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