Workspace experiences 'continued resilient levels' of customer demand
By Iain Gilbert
Date: Thursday 19 Jan 2023
(Sharecast News) - Flexible office space provider Workspace said on Thursday that it had seen "continued resilient levels of customer demand" in the third quarter.
Workspace stated like-for-like occupancy was broadly stable at 89.2%, while like-for-like rent roll was 2.2% higher at £96.5m and total rent roll improved £3.2m in the quarter to £137.9m.
The FTSE 250-listed group highlighted that it had seen "good conversion of demand" into new lettings as 330 new lettings were completed in the quarter, with a total rental value of £8.8m per annum.
Workspace also saw further improvement in pricing, with like-for-like rent per square foot up 2.5% in the quarter to £39.56.
Chief executive Graham Clemett said: "Building on the momentum from the first half of the year the high level of customer demand has enabled us to move pricing further forward, although it still remains below pre-Covid levels.
"Our distinctive offer, proven operating track record and ownership of an extensive, high quality property footprint across London set us apart from others in the growing flexible market - providing an exciting market opportunity to deliver sustainable long-term growth."
As of 0935 GMT, Workspace shares were up 0.12% at 494.40p.
Reporting by Iain Gilbert at Sharecast.com
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