Cardiff
Key stats
TOTAL TAKE-UP IN QUARTER (SQ FT)
-53% CHANGE ON LAST QUARTER
VACANCY RATE
+82BPS CHANGE ON LAST QUARTER
PRIME RENT PER SQ FT
0% QUARTERLY CHANGE
TAKE-UP (SQ FT)
Source: Avison Young
Office demand in Cardiff remained subdued following a strong end to 2024, with take-up over Q2 2025 totaling 39,800 sq ft. At this level, take-up fell 53% compared to Q1 2025 and sat 67% below the 10-year quarterly average.
Professional Services comprised the greatest sector for demand at 42%, driven by the largest deal of the quarter. This saw engineering consultancy Stantec let 9,400 sq ft at One Central Square to relocate from within Cardiff city centre.
Office vacancy rose over the quarter to stand at 9.4%, a record high for the market. This was driven by the release of secondary space, with Grade A vacancy remaining unchanged for the third consecutive quarter at 0.3%. No space is currently under construction across the market.
While rental growth is expected in the second half of 2025, office prime rents remain 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
This report has been prepared by Avison Young for general information purposes only. Whilst Avison Young endeavours to ensure that the information in this report is correct it does not warrant completeness or accuracy. You should not rely on it without seeking professional advice. Avison Young assumes no responsibility for errors or omissions in this publication or other documents which are referenced by or linked to this report. To the maximum extent permitted by law and without limitation Avison Young excludes all representations, warranties and conditions relating to this report and the use of this report. All intellectual property rights are reserved and prior written permission is required from Avison Young to reproduce material contained in this report.