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
Boosted by Lloyd’s 110,000 sq ft pre-let at John Street, Q4 take-up reached 247,000 sq ft, which is 110% above the 10-year quarterly average.
2024 annual take-up reached 582,000 sq ft, this is 110% up on 2023 levels and 23% above the 10-year annual average.
Key Q4 deals included:
- Lloyd’s pre-let of 110,000 sq ft at John Street;
- Property Index 4’s 51,000 sq ft purchase at Wilcox House;
- International Baccalaureate’s 24,000 sq ft lease at Fusion Point One.
Over the past 12 months, the Professional Services sector acquired the most space, accounting for 32% of total 2024 take-up. Government and Financial Services take the next largest shares at 17% and 14%, respectively.
The city’s prime rent saw no change q-o-q at £28.00 per sq ft in Q4, this however, is an increase of 12% annually. Rent frees remain at 18 months on a 10 year term.
NOTABLE DEALS
Source: Avison Young
PRIME RENT
Per sq ft
0%
Quarterly change
Source: Avison Young
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 saw a quarterly increase by 36 basis points to 7.2% in Q4.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young, PMA
110,000 sq ft was delivered in 2024 at No 1 John Street, all of which was pre-let to Lloyd’s. In 2025 just one scheme of 34,000 sq ft at The Walter, St Mary Street is due for completion.
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