UKREiiF 2025: the sun shone, the market talked, and Leeds delivered

Piers Leigh reviews UKREiiF in Leeds

After three days of meetings, panels and quick dashes between events, this year’s UKREiiF in Leeds was as busy and buzzing as expected.

Having had time to reflect, some familiar themes stood out, a few shifts in sentiment were clear, and, as always at such events, the chance to connect with others in the industry made it worth every step recorded.

A few thoughts on what stood out.

Beds and sheds still rule

There’s no sign of investor appetite cooling for residential and industrial assets. From large institutions to value-add funds, ‘beds and sheds’ continue to dominate conversations and investment strategies. Yields may have sharpened, and selectivity has increased, but the focus is firmly there.

London office bounce-back, regional frustration

London’s office market seems to be defying some of the gloomier forecasts, with record rents being achieved and signs of further yield compression to come. Meanwhile, regional office markets are facing a very different challenge: a shortage of high-quality, new or refurbished space.

That imbalance is causing issues for occupiers looking to return to the office in a meaningful way. They’re ready – but the right space often isn’t. Where good space does exist, it’s achieving record rents. Something we’ve been saying for some time.

The investment equation remains tricky outside the capital

One of the recurring refrains throughout the event was the continued difficulty in making office investment stack up outside Central London. Build and refurbishment costs are still high, and the risk of obsolescence makes it harder for investors to justify the spend. Those who are pressing ahead are taking a longer view – but many are still sitting on their hands.

Planning: the rhetoric vs reality gap

Politics is never far from the surface at events like this, especially in an election year. Despite a confident speech from the Deputy PM, there was a shared scepticism that the government would come close to meeting its 1.5 million homes target this parliament. The real issue? A growing disconnect between Central Government messaging and the capacity and priorities of local planning authorities. It’s become the biggest brake on development across all sectors.

A few final reflections

The weather helps. No question that the sunshine in Leeds lifted everyone’s spirits and made it easier to make the most of the conference. But more than that, UKREiiF now feels like a real contender, and in some cases, a preferable alternative to MIPIM, particularly for businesses focused on the UK built environment.

The city played its part too. Leeds is a great venue, even if the hotel supply is still catching up with the event’s growth. York, too, had its role to play, offering spillover space and events, although the rail links left a few of us scratching our heads at times…

Why UKREiiF matters

It’s not just the content that counts. The value of UKREiiF lies in the conversations, the reconnections, the accidental meetings that spark a new idea or unlock a stalled discussion. For our team at Curchod & Co, it’s also a chance to hear directly from the market – what’s working, what’s not, and where the pressure points are.

We’ll be back next year. And if the sun’s still shining, we’ll take that as a bonus.

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