2022 Student Accommodation
CUSHMAN & WAKEFIELD 42
UK SUB-SECTOR YIELDS
Despite yield compression the super-regional PBSA sector remains attractive in comparison to its main ‘alternatives’ cousin Build to Rent (BTR) with a yield differential of +0.6%, as well the more ‘traditional’ logistics sector which has now extended to +1.05%. The very best regional PBSA assets are now on parity with their office sector equivalents at 4.50%. Regional retail yields have bounced back 0.5% since Q1 2021 but remain at a 1.5% discount to PBSA.
REGIONAL YIELD MOVEMENT BY SECTOR (%)
7%
6%
5%
4%
3%
2%
1%
0%
Student housing regional
Residential (Private rented) - regional
Offices - regional
Logistics - regional
Shops - regional
Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022
Source: Cushman & Wakefield Capital Markets Tracker
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