2025年上半年伦敦市中心零售市场报告

Central LondonRetail Market ReportH1 2025 REPORT CBRE RESEARCHAUGUST 2025 Contents Consumertrends Leasingoverview Keytakeaways Investmentoverview Market areaoverview Consumer confidenceremains volatile London consumer confidence remains above UKlevels, however fell to 0 in June from 10 in April.The UK’s inflation rate increased to 3.6% in the12 months to June, up from 3.4% which was higherthan economists had expected. This was largelydriven by motor fuel costs and food prices.Consumers are therefore expected to remaincautious in discretionary spending. The GfK Consumer Confidence Index(CCI) is a widely recognised economicindicator measuring how consumers feelabout the overall economy and theirpersonal finances which can influencespending habits. 3.6%The UK’s inflation ratein the 12 months to June -10 Points fall in Consumer Confidencefrom April to June Footfall holds steady,whereas sales growth stalls West End footfall and sales growth YoY % change However, London’s international market has remainedstable over the first half of the year. Heathrowpassenger numbers were on par with H1 2024 levels,with January (+5%) and April (+6%) being the bestperforming months YoY. Passengers from Asia Pacificrecorded the highest YoY increase (3.3%). According toVisit Britain, room occupancy rates in Greater Londonhave also been broadly in line with 2024, standingat 82% in May. Central London footfall has exhibited a mixedperformance in the first half of the year. Analysisof passenger numbers at Central London tubestations* reveals levels broadly comparable tothose recorded in 2024. However, a marginaldecline in passenger volume was observedbetween April and June. Focusing on the WestEnd, data from NWEC indicates a slow startto the year for footfall, followed by a returnto positive YoY growth from March onwards.April saw the most significant YoY increase(4.4%), attributed to the timing of Easter andfavourable weather conditions. +4.4% April West End FootfallYoY change Despite relatively stable footfall, there has beena lack of sales growth in the West End, reflectingongoing cutbacks in discretionary spending.Sales growth has remained in negative territorysince late 2024, with February seeing thegreatest fall. In contrast to the robust YoYgrowth in international spending observed lastyear, the year-to-date has seen a marginaldecline in this segment. +3.3% Asia/Pacific Heathrow PassengersYoY change *Stations include Baker St, Bond St, Covent Garden, Green Park,High Street Kensington, Knightsbridge, Marble Arch, Oxford Circus,Piccadilly Circus, Sloane Square, and Tottenham Court Road. Leasingoverview Tight supply onLondon’s prime streets FIGURE 3: Q4 2024 vs Q2 2025 All major retail streets tracked by CBRE continue to exhibit lowvacancy rates*. This highlights the strong occupier demand forprime retail destinations: 2.1%Oxford Street Vacancy —Oxford Street has seen further contraction, with vacancy now atjust above 2%, with fewer than 20 units being actively marketed. 0%Covent Garden (Long Acre)Vacancy —Long Acre in Covent Garden currently has no available space,with the two remaining units being marketed both under offer.This pattern is shown across Covent Garden which has a verylow availability rate of less than 2%. —Bond Street availability varies across the street. There is verylimited space in the ‘jewellery section’ whereas between Brookand Bruton Street, there is higher availability. This is due todevelopment of the former Fenwick and Victoria’s Secret stores. —Regent Street has very limited availability in the prime pitch withonly two stores available. The development known as VentureHouse, located at the southern end of the street, will be availablein 2026. —Knightsbridge has experienced the greatest increase in vacancy,with four units becoming vacant. Scotch House is now beingactively marketed so has increased vacancy in the prime pitch. Low vacancy hasboosted rental growth Central London prime zone A rents* Q2 2025 vs Q2 2024 and % YoY change Of the 14 streets included in CBRE’s in-house Prime Zone A rents,nine experienced prime rental growth over last year: 17% —Bond Street continues to achieve the highest Zone A of all CentralLondon streets at £2,600 psf, up 17% YoY and 8% since the end oflast year. Rental growth has been experienced in virtually all theindividual blocks. In particular, the most northerly block adjacentto Oxford Street and the ‘jewellery section’ achieved 34% and 36%rental growth respectively over the past 18 months. 20% Oxford StreetYoY growth —Oxford Street 100% prime rents grew by a significant 20% YoYto £900 psf in Q2, with rent recovery occurring across thewhole street. Prime Zone As are now approaching historic peaklevels with several deals close to Selfridges currently beingtransacted at over £1,000 psf, albeit these are relatively small units. 17% Regent StreetYoY growth —Regent Street rents have also experienced growth at 17% to£850 psf. Th