英文【莱坊】2025年东南办事处和生命科学市场展望

South East & Greater London Officesknightfrank.com/researchA spotlight on Offices and Life Sciences20252SOUTH EAST & GREATER LONDON OFFICESequity-rich buyers looking to capitalise on current cyclical opportunities.Prime pricing has stabilised, reflecting renewed confidence in market fundamentals. However, this resilience is largely confined to top-tier assets. Unless significantly discounted or offering a clear repositioning strategy, secondary stock is struggling to attract serious interest. Investors are rightly scrutinising capex requirements, obsolescence risk, and tenant covenant strength more closely. Even so, the volume of under-offer deals and newly marketed assets suggests a market in pause rather than decline. There is capital ready to deploy, but it is being applied with greater selectivity and caution.Overall, the year ahead is shaping up to be a year of two speeds. For landlords and vendors with high-quality, well-located, future-proofed assets, the market is responsive and rewarding. However, for others, success will depend on adaptability and a willingness to meet the market where it is, not where it used to be.Leasing activity over the past year has been brisk, with volumes underpinned by a narrowing pool of assets. We are witnessing growing bifurcation, with occupiers decisive when the product is right but disengaged when it’s not. The standout deals, particularly those exceeding 20,000 sq ft, are demonstrative of pent-up demand from corporates who have been deferring decisions but are now ready to commit, provided the space supports a renewed future-fit workplace.Legacy stock is increasingly out of favour, with one-third of vacant space no longer aligned to modern occupier expectations. Without repositioning, much of it risks long-term structural vacancy. Increasingly, landlords are exploring refurbishment and repositioning strategies to bridge the widening gap between supply and demand. However, despite rental uplifts, elevated construction and borrowing costs, and a softening in yields continue to challenge development viability, affecting both speculative and pre-let projectsFrom an investor’s perspective, the market presents a more measured picture. While volumes are down, activity continues. Deals that are progressing tend to share key characteristics: strong leasing profiles, ESG credentials, and enduring location fundamentals. Although decision-making timelines are lengthy and due diligence is more rigorous, interest in prime South East assets persists, particularly among The South East office market has entered 2025 with encouraging momentum, but also with a measure of intensified scrutiny. On the ground, there is a clear message from occupiers and investors alike: quality is the target, but the bar is set higher than ever.3SOUTH EAST & GREATER LONDON OFFICESProperty PerspectivesForewordSimon Rickards Partner, Head of National Offices Capital MarketsRoddy Abram Partner, South East & Greater London Offices5SOUTH EAST &