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
Q4 take-up totalled 62,822 sq ft, 59% below the 10-year quarterly average. This brought 2023 take-up to 277,222 sq ft, 41% below the 10-year average.
Out-of-town take-up was relatively stronger at 7% below average levels, whereas the city centre was 68% below the 10-year average.
Key deals included:
- Rolls Royce Submarines’ 13,031 sq ft lease at St Davids House;
- All Clear Insurance Services’ 6,230 sq ft lease at Churchill House;
- Mott Macdonald’s 5,727 sq ft lease at 2 Callaghan Square.
Over the past 12 months, the dominant sectors were manufacturing and industry, TMT and creative and professional services sectors, together accounting for 89% of total take-up.
The city’s prime rent remains at £25.00 per sq ft, unchanged from this time last year.
NOTABLE DEALS
Source: Avison Young
PRIME RENT
Per sq ft
0%
Quarterly change
Source: Avison Young
0%
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 increased 60 basis points to 10.4%, but premium quality space remains undersupplied with the grade A availability rate at 3.7%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
140,286 sq ft of new speculative space is set to be delivered this year at No 1 John Street, and 33,895 sq ft of refurbished space is due to complete in 2025 at the Howells development.
Investment
TOTAL INVESTMENT VOLUMES
CHANGE ON LAST QUARTER
CHANGE ON 10 YR QUARTERLY AVG
PRIME YIELD
INVESTMENT VOLUMES
Source: Real Capital Analytics, Avison Young
INSIGHT
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TOP DEALS
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