---
title: "Tenant Credit Trends: Q2 Snapshot Across UK, Europe & North America"
description: Discover Q2 2025 tenant credit trends across the UK, Europe, and North America, highlighting sector performance and investor insights.
image: https://incans.com/hubfs/logistics.png
---
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#### Tenant Credit Trends: Q2 Snapshot Across UK, Europe & North America
25.09.25
As investor confidence continues to hinge on tenant quality, the latest INCANS® T200 data offers a revealing look at how sectors are performing across key regions. Here's what Q2 2025 tells us:
**United Kingdom: Offices Lead, Retail Lags**
- **Office tenants** remain the standout, scoring 86—well above the UK average of 77—signalling strong covenant strength and investor appeal.
- **Logistics** and **Retail** sectors saw modest gains (+2 points each), but still trail the national benchmark.
- **Pubs and Restaurants** dipped slightly to 67, reflecting ongoing pressure in leisure.
**Western Europe: Healthcare Shines, Leisure Slips**
- **Residential Care Homes** top the charts at 91, with **Healthcare** close behind at 88—both comfortably above the regional average of 79.
- **Leisure tenants** (Pubs/Restaurants) saw the sharpest decline, dropping 8 points to 73.
- **Offices** held steady at 80, though slightly down year-on-year.
**North America: Logistics and Education on the Rise**
- **Residential Care Homes** continue to lead at 90.
- **Education** and **Logistics** sectors posted strong gains (+4 points each), now scoring 83 and 85 respectively—both above the North American average of 83.
These insights underscore the importance of sector-specific analysis when evaluating tenant risk. Whether you're managing portfolios or exploring new investments, understanding covenant strength is key to navigating today’s market.
[Click here to download the reports](https://incans-7246878.hs-sites.com/t200reports?__hstc=123663060.7034dd04b49ff10764e8692429a269ae.1751469084672.1751469084672.1751469084672.1&__hssc=123663060.1.1751469084672&__hsfp=955904189)
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