CBRE

UKMONTHLYINDEX|DECEMBER2025

MonthlyIndex

December2025

UKallpropertycapitalvaluesincreasedby1.4%over2025,bringingannualtotalreturnsto7.1%.

Commentary

Allcommercialpropertycapitalvaluesincreasedby0.1%overDecember2025,accordingtothelatestCBREUKMonthlyIndex.Rentalvaluesincreasedby0.4%,andmonth-on-monthtotal

returnswere0.5%.Capitalvaluesroseby1.4%over2025,whilerentalvaluesincreasedby3.2%.Allcommercialpropertytotalreturnswere7.1%for2025.

Retailcapitalvaluesincreasedby0.2%throughoutDecember,whilerentalvaluesroseby0.1%.Month-on-monthtotalreturnsfortheRetailsectorwere0.7%.Over2025,Retailtotalreturnswere9.0%,thehighestofallsectors.

CapitalvaluesfortheOfficesectorincreasedby0.1%inDecember,andOfficerentalvalues

increasedby0.2%.TotalreturnsfortheOfficesectorwere0.5%inDecemberand4.6%for2025.

TheIndustrialsectorsawcapitalvaluesriseby0.1%inDecember.TheIndustrialsectorpostedthehighestrentalvalueriseoverthemonth,increasingby0.6%Industrialmonthlytotalreturnswere0.5%inDecemberand7.7%over2025.

Allproperty,December2025

0.5%MoM

TotalReturn

0.1%MoM

CapitalValueGrowth

0.4%MoM

RentalValueGrowth

2bpsMoM

EquivalentYieldMovement

Source:CBREResearch,2025

7.1%12Month

TotalReturn

1.4%12Month

CapitalValueGrowth

3.2%12Month

RentalValueGrowth

14bps12Month

EquivalentYieldMovement

1

CBRERESEARCH?2025CBRE,INC.

2CBRERESEARCH?2025CBRE,INC.

CBRE

UKMONTHLYINDEX|DECEMBER2025

MonthlyIndex

December2025

TheretailsectorsawthehighestmonthlytotalreturnsinDecember,whiletheIndustrialsectorcontinuingtoseestrongrentalgrowth

Retail,December2025

Office,December2025

Industrial,December2025

0.7%MoM

0.5%MoM

0.5%MoM

TotalReturn

TotalReturn

TotalReturn

0.2%MoM

0.1%MoM

0.1%MoM

CapitalValueGrowth

CapitalValueGrowth

CapitalValueGrowth

0.1%MoM

0.2%MoM

0.6%MoM

RentalValueGrowth

RentalValueGrowth

RentalValueGrowth

0bpsMoM

2bpsMoM

3bpsMoM

EquivalentYieldMovement

EquivalentYieldMovement

EquivalentYieldMovement

Source:CBREResearch,2025

UKMONTHLYINDEX

Contacts

TasosVezyridis

StevenDevaney

NickBaring

LeeBruce

StephenMarshall

ExecutiveDirector,HeadofResearch

SeniorDirector

AssociateDirector

HeadofUKValuationandAdvisory

ExecutiveDirector

UK&IandCE

UKResearch

UKResearch

Services

ValuationandAdvisoryServices

tasos.vezyridis@

steven.devaney@

nick.baring@

lee.bruce@

stephen.marhsall@

?Copyright2026.Allrightsreserved.Thisreporthasbeenpreparedingoodfaith,basedonCBRE’scurrentanecdotalandevidencebasedviewsofthecommercialrealestatemarket.AlthoughCBREbelievesitsviewsreflectmarketconditionsonthedateofthispresentation,theyaresubjecttosignificantuncertaintiesandcontingencies,manyofwhicharebeyondCBRE’scontrol.Inaddition,manyofCBRE’sviewsareopinionand/orprojectionsbasedonCBRE’ssubjectiveanalysesofcurrentmarketcircumstances.Otherfirmsmayhavedifferentopinions,projectionsandanalyses,andactualmarketconditionsinthefuturemaycauseCBRE’scurrentviewstolaterbeincorrect.CBREhasnoobligationtoupdateitsviewshereinifitsopinions,projections,analysesormarketcircumstanceslaterchange.

NothinginthisreportshouldbeconstruedasanindicatorofthefutureperformanceofCBRE’ssecuritiesoroftheperformanceofanyothercompany’ssecurities.Youshouldnotpurchaseorsellsecurities—ofCBREoranyothercompany—basedontheviewsherein.CBREdisclaimsallliabilityforsecuritiespurchasedorsoldbasedoninformationherein,andbyviewingthisreport,youwaiveallclaimsagainstCBREaswellasagainstCBRE’saffiliates,officers,directors,employees,agents,advisersandrepresentativesarisingoutoftheaccuracy,completeness,adequacyoryouruseoftheinformationherein.

3CBRERESEARCH