CW - Q4 2022 UK LI Outlook Report - FINAL

NATIONAL OVERVIEW Rents & Yields Trends, Performance

Rental Growth Index (Q4 2008 = 100) 50-100K 100K +

Rents by Region (100K sq ft +) Rent £Psf

C&W Prime Rent 100+ C&W Prime Rent 50-100k

30

25%

£10.65 Average

£11.12 Average

240

25

20%

3.1% Q-o-Q

2.5% Q-o-Q

200

20

15%

18.4% Y-o-Y

16.8% Y-o-Y

15

160

10%

C&W Prime Yield

MSCI Total Return (MI%)

10

£ per sq ft.

5.5% Q-o-Q

-14.9% Annualised to Dec 2022

5%

120

5

0

0%

+87bp Q-o-Q

19.9% Annualised to Sept 2022

80

+151bp Y-o-Y

38.8% Annualised to June 2022

Q4 2008

Q4 2009

Q4 2010

Q4 2011

Q4 2012

Q4 2013

Q4 2014

Q4 2015

Q4 2016

Q4 2017

Q4 2018

Q4 2019

Q4 2020

Q4 2021

Q4 2022

MSCI Total Annual Return (%)

Yield by Region vs 10 yr. spread Range Current Yield

Prime Yield by Type UK Headline

UK Average

All

Office

Retail

Industrial

9%

50

8%

7%

25

6%

6%

5%

0

4%

-25

3%

2%

3%

-50

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Q4 2008

Q4 2009

Q4 2010

Q4 2011

Q4 2012

Q4 2013

Q4 2014

Q4 2015

Q4 2016

Q4 2017

Q4 2018

Q4 2019

Q4 2020

Q4 2021

Q4 2022

Source: C&W 2022, MSCI UK Monthly Index

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