Our largest dataset yet
In developing PropCost, we've set out to deliver truly independent analysis of service charge costs. This year's report covers accounting periods that fall within calendar years 2022, 2023 and 2024. Our one-year analysis includes accounts with year-ends up to 31 December 2024.
Now in its third release, PropCost 2025 is our largest ever dataset, analysing over 1,000 properties and totalling over £500m in service charge expenditure. Our 2025 report has also expanded to cover new building types, bringing four sectors into the scope of our analysis: Offices, Industrial Parks, Retail Parks and Shopping Centres.
Rising Costs
Since our last PropCost report, which launched in February 2024, the UK commercial real estate sector has continued to operate in a challenging environment. The economy has experienced a period of slow growth, coupled with fluctuating consumer confidence. While the reduction in inflation towards the end of 2024 - to its lowest level since late 2022 - provides some relief for managing service charge costs, pressures on the labour market has meant that services inflation outpaced consumer inflation in 2024, running at around 5%.
As the UK economy faces the strain of limited growth, the review of costs will be high on the agenda for all business leaders as they monitor and adapt their strategies.
Developed in association with RICS and with support from our contributors
We are proud to be developing PropCost in association with RICS and with the support of our contributors. Together, we share a vision to promote transparency in service charge data, with costs aligned to RICS categories and accounting principles. As we continue to develop PropCost in line with this vision, we will look to add value by building an online, real-time benchmarking tool.