Introduction

After a record-breaking few years in both the occupational and investment markets, 2023 and 2024 have seen a normalisation of both occupier demand and investment volumes. Globally, the sector is leading the way in terms of price recovery in commercial real estate capital markets and investors appear comfortable looking past some of the temporary softness in the occupational markets as the structural story which drove the sector forward over the last decade remains in place.

The second edition of our flagship annual report, Big Shed Prospects, aims to examine these issues in an innovative and engaging style. We initially present the bull’s view of the market and examine many of the factors propelling the market forward. We then adopt a more bearish stance and examine the issues that could cause the market problems in 2025 and beyond. These sections are divided into three: the first covering economic data, the second examining market data, and the third looking at tangential issues that will have an impact on the market.

Our occupier services and investment team then provide their view on the market trajectory for 2025. Finally, we provide our rental growth and vacancy projections from our in-house models before providing our key themes and takeaways for the year ahead.

Read each section of the report below.