Workspace reports 'good levels' of demand in Q3
By Frank Prenesti
Date: Thursday 17 Jan 2019
(Sharecast News) - Real estate investment trust Workspace Group on Thursday reported a "good level" of customer demand in the third quarter with enquiries averaging 907 per month, up from 858 last year.
Lettings per month rose to 98 per month from 86 year-on-year.
During the period the company completed the £125m acquisition of The Shepherds Building, Shepherd's Bush.
Three refurbishment projects were also completed in the quarter providing 80,000 sq ft of new and upgraded space.
Workspace said the pro-forma loan-to-value ratio of 22% at 31 December 2018, based on a 30 September 2018 property valuation.
Chief executive Jamie Hopkins said the company had continued to see "a great deal of activity across the whole of the business in the third quarter and enquiries held up well, despite the usual quieter December".
"We are particularly pleased with the demand for our newly refurbished space, which is capturing the imagination of London's occupiers, both large and small."
"We are mindful that we are operating in a very uncertain economic and political environment. Our balance sheet is strong and we are confident that we have positioned the business to continue to benefit from the structural shift in the market, where office space is increasingly becoming a strategic decision for companies."
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