Workspace rent roll grows in Q3 amid 'strong' customer demand
By Iain Gilbert
Date: Thursday 20 Jan 2022
(Sharecast News) - Real estate manager Workspace said on Thursday that customer demand had remained "strong" in the third quarter of its trading year, with an average of 831 enquiries per month over the period.
Workspace said its like-for-like rent roll was up 2.3% in the quarter to £89.3m, while its total rent roll was up £5.1m to £107.2m and like-for-like rent per square foot was up 1.2% in the quarter to £35.92.
Rent collection was said to have remained "robust", despite continued Government restrictions on rent collection measures, with 96% of rent due for the third quarter being collected, taking the collection rate for the first three quarters of the year to 97%.
The FTSE 250-listed firm also noted that it had refinanced its bank facilities during the quarter with a £200.0m sustainability-linked revolving credit facility and highlighted that it ended the period with £225.0m in cash and available facilities, providing it with "financial flexibility" to continue to invest in its project pipeline and acquisition opportunities.
Chief executive Graham Clemett said: "It has been a good quarter, with continued positive momentum in occupancy and pricing. We are seeing strong demand for our space, with good levels of enquiries, viewings and lettings despite the renewed work from home guidance issued by the Government in December.
"Our performance in the third quarter and early signs of trading in the fourth show that SMEs are looking through the current short-term uncertainty to choose the right space for their business longer-term. They are looking for flexible terms and attractive, sustainable office space in well-connected locations and Workspace is ideally placed to continue to capture this demand."
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