Return to the office boosts Workspace

Workspace Group, the commercial landlord, has reported a post-lockdown pick-up in lettings and office use as small and medium-sized companies lead a return to the workplace.


The provider of serviced office space in London said demand improved during the second quarter of its financial year, with a marked rise in September.


Workspace said occupancy levels were improving and rent pricing was “stabilising” after it was among office providers and landlords hurt by Covid-related lockdowns and the rise of homeworking among office staff.


Occupancy edged up 2.7 per cent on a like-for-like basis in the quarter, to 86 per cent, from 81.9 per cent at the end of March. Average rent per sq ft was up 0.3 per cent at £35.50, after a 2.3 per cent fall in the first quarter of its year.


The FTSE 250 business said it had noticed a “significant increase in our customers returning to their offices over the second quarter”, which ran to the end of September.


Workspace, which has 60 locations in London, is one of Britain’s largest suppliers of flexible office space. It was set up in 1987 as the vehicle for the sale of industrial properties owned by the former Greater London Council. It has about four million sq ft of office space.


The shares rose by 39p, or 4.9 per cent, to close at 837p.


•WeWork, the provider of shared office spaces, said that September revenue hit $228 million, its highest monthly sales this year, as the company prepares to list in New York. Preliminary third-quarter revenue rose to $658 million from $593 million in the previous three months.


The Times (James Hurley) -

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