Take-up

Take-up in Cardiff during the first half of the year totalled 133,843 sq ft, and was achieved through 34 transactions, down by 19% on the five-year H1 average number of transactions. Take-up was 29% down on the same period in 2024, and also 9% below the five-year H1 average.

Grade A take-up totalled 22,288 sq ft and accounted for 17% of the take-up. This was 22% higher than the Grade A proportion of take-up during H1 2024, and was on par with the five-year H1 Grade A average proportion of take-up.

Supply

Availability in Cardiff at the end of Q2 stands at 1.3 million sq ft, an increase of 5% on the previous quarter. This means that the vacancy rate has increased by 60 basis points and is now 12.3%. Secondary stock continues to dominate the market, by totalling 932,277 sq ft.

Grade A availability totals 363,386 sq ft and accounts for 28% of the total. The total is on par with the previous quarter, and therefore the Grade A vacancy rate has remained the same at 3.3%.

Take-up by business sector

The most active business sector during H1 2025 was the 'Insurance & Financial' sector, which leased a combined 52,891 sq ft through two transactions. The largest deal of these was acquired by Credit Safe at Ty Meridian during Q1 for a total of 49,937 sq ft. This was also the largest letting for the sector since Q4 2020 and the largest of the first half of the year.

Another active sector during H1 2025 was the 'Professional' sector, which leased a total of 30,048 sq ft. This was achieved through eight transactions, with the largest acquired by Stantec at One Central Square for a total of 9,421 sq ft. This was also where a new headline rent of £30 per sq ft was achieved.

Rents

Prime headline rent increased during Q2 2025 and has now reached £30 per sq ft at One Central Square, representing an increase of 20% on historic rental levels. This is a significant increase for the market, which has seen increased rental growth over the past year and has now reached its forecasted headline rent for 2025. Savills is forecasting that rents could reach between £32 and £34 per sq ft during 2026/2027 and will exceed £36 per sq ft for refurbished space by 2029, a further increase of 20%. However, a rent in excess of £45 per sq ft for a secured pre-let of a new build office is also forecast by 2029.

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