2025年第四季度东南部和大伦敦办事处

Leasing Overview •The South East office market closed the year positively with665,350 sq ft leased during the final quarter. Although this was15% below the five-year quarterly average, this meant that leasingvolumes reached 3.4m sq ft, up 8% on 2024 and reflecting the •Significantly, 356 deals completed over the past 12 months. This isthe highest total during a year in our records. •Occupier activity in 2025 was led by the Financial and BusinessServices (FSB) sector, which accounted for 26% of total take-up, •Active demand across the market at year end totalled 3.95msq ft, with Financial and Business Services requirements again •Grade A accommodation accounted for 79% of all take-up in 2025,underscoring the continued flight to quality and the strength of •Availability continued to tighten across the market during Q4 2025.Total availability decreased to 16.2m sq ft, compared with 16.5msq ft at the start of the year. The contraction in supply was mostevident in the prime segment. New and Grade A availability fell to •Vacancy levels also moved lower. Overall vacancy reached 10.2%in Q4 2025, improving from 10.5 % in Q4 2024. Grade A vacancydecreased from 7.1% to 6.6% over the same period, highlighting •The development pipeline remained limited. At Q4 2025, 1.8msq ft was under construction, with completion scheduled for thenext 24-36months. Notably, Cambridge and West London account •Headline rents continued to show upward movement acrossmuch of the market in 2025, with 40% of markets in the SouthEast registering an uplift. Across the leading markets, Cambridge Knight Frank View 2025 should be labelled as the year the highest annual take up figures since 2019 (pre-covid)were achieved. Whilst deal size has not surprisingly reduced, occupiers’ appetite for ‘best inclass amenity rich assets’ is as clear as it’s ever been. Rental premiums to reflect this quality hasbeen backed up within deals by record headline rents being achieved across multiple South Eastmarkets. With a greater degree of confidence now behind occupier active, our attention turns to Roddy AbramPartner Office Head+44 7899 001 028 Investment Overview •Investment volumes across the South East and Greater Londonregistered further improvement in the final quarter, with •This meant that over the year, volumes stood at £1.3bn, 25%lower than in 2024 but on par with the total from 2023. Notably,112 deals completed during 2025, 15% higher than the ten yearaverage and just one fewer than in 2024. Looking ahead, a •Average deal size though was down to £11m, the lowest since2009. During the year, only two deals completed over £50mand twelve deals completed over £25m. This is five fewer than •The key transaction of the final quarter was also the highestvalue transaction of the year. This was Frasers sellingChineham Park in Basingstoke for £90m to CenterbridgePartners and Anglesea Capital. The only other deal in 2025 •During 2025, the market was dominated by private equity andproperty companies largely derived from the UK. Combined,these two buyer types accounted for 76% of investmentvolumes. We anticipate this dynamic will shift over the next 12months, as both overseas and UK institutional investors look •Prime office yields in the South East remained at 7.00% inQ4, reflecting a notable spread relative to London benchmarks.The disparity is particularly evident when compared withyields of 5.25% in the City and 3.75% in the West End,highlighting attractive opportunities for investors seeking Knight Frank View While liquidity remains constrained, 2025 marked a notable period of stabilisation in pricingacross the market and, importantly, the clear return of repeat buyers who had been largely absentduring the previous phase of volatility. With prime yields now looking increasingly attractive relative to both Gilts and current financingcosts, investor sentiment has slowly improved. At the same time, occupier fundamentals havestrengthened materially, providing greater confidence in underlying income resilience. Simon RickardsPartner, Head of NationalOffices Investment+44 7787 844 384simon.rickards@knightfrank.com Taken together, these dynamics suggest that the present environment offers a compellingand well-timed entry point for investors seeking to position themselves for the next phase of themarket cycle. Greater Reading Demand •Although take-up was down at58,709 sq ft in Q4, annual take-uprose to 558,271 sq ft, a 7% increase on •The majority of activity was recordedout-of-town which accounted for •Across 2025, 50 deals completed, upfrom 43 in 2024, with the largest dealbeing the 155,524 sq ft let to GCAP(BAE, Leonardo and JAIEC JV) •Active demand remained healthy at601,500 sq ft, indicating sustained Supply •Total availability reached 1.52m sq ftin Q4 2025, up slightly from 1.50msq ft at the start of the year. •New and Grade A availabilityfinalised at 1.25m sq ft in Q4 2025,down from 1.27m sq ft at the •Overall vacancy increased to