2025年第四季度英国城市办公楼市场报告

Leasing Overview •Office markets across the UK Cities ended the year on a positivenote, with 1.4m sq ft leased during Q4, the strongest quarterlyperformance of 2025. This brought total annual take-up to 5.0msq ft, only slightly below 2024 levels and broadly in line with the5-year average. •Market activity remained robust throughout the year. More than1,000 deals were completed in 2025, including 45 transactionsabove 20,000 sq ft, significantly higher than the long-term averageof 40 per year. •The Financial and Professional services led demand, accountingfor 52% of total take-up, followed closely by the TMT sector at17%, highlighting continued appetite from finance, corporateservices and technology-led businesses. •Active demand remained healthy, with 3.9m sq ft of liverequirements at year-end. Financial and ProfessionalServices accounted for the largest share at 43%, underscoringtheir continued influence on future leasing activity.Technology occupiers also remained active, accounting for12% of current requirements. UNDER CONSTRUCTION(SQ FT) •The flight to quality persisted. Grade A space accounted for 61%of all take-up in 2025, reflecting occupiers’ preference for high-quality, modern and amenity-rich offices. •Supply conditions were broadly stable, with new and Grade Aavailability holding at 4.1m sq ft in Q4. However, vacancy edgedup. Overall vacancy reached 14.1% in Q4 2025, compared with13.6% a year earlier. Grade A vacancy also rose slightly, from 3.0%to 3.4%, reflecting continued competition for premium space. •The development pipeline remained constrained. At the endof 2025, only 1.7m sq ft was under construction, scheduled fordelivery over the next 36 months. Completions during the yearwere limited, with just 1.2m sq ft of speculative space deliveredacross 18 schemes. •Prime rents continued to rise, with eight of the ten tracked citiesrecording year-on-year growth. The average regional primerent now stands at £41 per sq ft, up 3% annually. The strongestincreases were recorded in Leeds (18%), Glasgow (7%) andBirmingham (7%). Knight Frank View Despite lingering uncertainty in the UK regional office market, year‑end data is far more positive.Q4 delivered the strongest leasing activity of 2025, taking annual take‑up to 5 million sq ft andhighlighting a clear rise in larger, Grade A deals. Occupiers now have clarity on future spaceneeds, with quality firmly at the top of the agenda. This strong demand for best‑in‑class spaceis widening the supply divide, with Grade A vacancy still low and the development pipelinelimited. With 3.9 million sq ft of active requirements, the market will need to respond to preventconstrained supply from slowing leasing activity. Darren MansfieldPartner, Commercial Research+44 20 7861 1246darren.mansfield@knightfrank.com Investment Overview •Office investment volumes across the UK regional citiesstrengthened further in the final quarter, with £291mtransacted, marking the highest quarterly total in the past 12months. This lifted full-year activity to £916m, around 28%below 2024 levels. •A total of 86 deals were completed in 2025, slightly abovethe 2024 total and just short of the five-year annual average.Average deal size fell to £11m, the lowest level since 2012. Onlythree transactions exceeded £50m during the year, and sixtraded above £25m, which is six fewer than in 2024. •Moving forward, momentum is expected to build into 2026,with approximately £740m of assets under offer at year-end anda further £1bn currently being marketed. •The standout transaction of the final quarter was CBRE IM’ssale of 201 Deansgate for £30m to Corum XL. The 81,000 sq ftbuilding serves as the headquarters of online trading platformInteractive Investor, which occupies 31,000 sq ft, alongsidetenants including AIG and Exchange Chambers. In the samequarter, Corum XL also acquired Henry Duncan House, theheadquarters of TBS Bank, in Edinburgh for £18.9m. Across theyear as a whole, Manchester recorded the largest regional officedeal, with Melford Capital purchasing 101 Embankment for£74m in Q2. •The buyer pool in 2025 remained notably narrow. Privateequity investors and UK based property companies werethe most active participants, together accounting for around70% of total investment volumes. Over the next 12 months,this base is expected to broaden as overseas capital and UKinstitutional investors return to the market, attracted by therelative value and long-term, income-secure returns offered byregional office assets. •Prime office yields across the UK regional cities remainedstable in 2025, ranging from 6.50% in Edinburgh to 10.00% inAberdeen. These levels represent a substantial premium toLondon benchmarks, where yields stand at around 5.25% in theCity and 3.75% in the West End, highlighting the strong relativevalue available outside the capital. With borrowing costseasing and a wider pool of active capital returning, liquidity isexpected to improve through 2026. Knight Frank View 2