Cardiff
Key stats
TOTAL TAKE-UP IN QUARTER (SQ FT)
-65% CHANGE ON LAST QUARTER
VACANCY RATE
+134BPS CHANGE ON LAST QUARTER
PRIME RENT PER SQ FT
0% QUARTERLY CHANGE
TAKE-UP (SQ FT)
Source: Avison Young
Following the trend seen across other Big Nine cities, Cardiff take-up in the first quarter was driven by the OOT market which made up 75% of the total 85,380 sq ft take-up recorded. This is 65% below take-up in Q4 2024, a quarter which was boosted by Lloyd’s 110,000 sq ft pre let at John Street and 28% below the 10-year average.
Creditsafe’s 50,000 sq ft letting at Ty Meridian, Cardiff Business Park contributed to the Financial sector dominating take-up, accounting for 58% of demand.
Despite an increase in vacancy in Q1, Cardiff remains one of the most supply constrained Big Nine regional cities with an overall vacancy rate of 8.6% and a Grade A vacancy rate of just 0.3%. The development pipeline offers no reprieve with no space currently under construction.
Whilst we believe there will be upward pressure on rents in 2025, Q1 saw no movement in city centre prime rents at £28,00 per sq ft. Rent frees remain at 18 months on a 10 year lease.
NOTABLE DEALS
Source: Avison Young
TAKE-UP BY SECTOR
Source: Avison Young
ANNUAL TAKE-UP (SQ FT)
Source: Avison Young
AVAILABILITY (SQ FT)
Source: CoStar, Avison Young
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA, Glenigan
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