Cardiff
Take-up
TOTAL TAKE-UP IN QUARTER (SQ FT)
CHANGE ON LAST QUARTER
CHANGE ON 10 YR QUARTERLY AVG
TAKE-UP (SQ FT)
Source: Avison Young
Q3 take-up totalled 146,394 sq ft, which was 96% above the previous quarter and 9% above the 10-year quarterly average.
City Centre take-up was 10% above average levels, whereas the out-of-town market was 6% higher.
Key deals included:
- Pricewaterhouse Coopers leasing of 33,166 sq ft at One Central Square;
- Aldermore Bank’s 28,098 sq ft lease at Two Central Square;
- Spire Healthcare’s 14,693 sq ft lease at 1 Eastern Business Park, Suite 2A.
Over the past 12 months, the dominant sectors were Professional Services, Government and Financial Services, together accounting for 84% of total take-up.
The city’s prime rent increased for the first time since 2016 to £28.00 per sq ft, 12% increase from the previous quarter.
NOTABLE DEALS
Source: Avison Young
PRIME RENT
Per sq ft
12%
Quarterly change
Source: Avison Young
12%
12 month change
Rent free months (10-year lease)
TAKE-UP BY SECTOR
Source: Avison Young
ANNUAL TAKE-UP (SQ FT)
Source: Avison Young
Availability
AVAILABILITY RATE
CHANGE ON LAST QUARTER
CHANGE ON LAST YEAR
AVAILABILITY (SQ FT)
Source: CoStar, Avison Young
The availability rate decreased by 170 basis points to 6.9%, but premium quality space remains undersupplied with the grade A availability rate at 1%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
106,390 sq ft of new speculative space is set to be delivered this year at No 1 John Street, and 33,896 sq ft of refurbished space is due to complete in 2025.
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.