Workspace Group Reports Increase in Rent Roll and Customer Demand

by Warren Seah

By Joe Hoppe

Workspace Group, a leading office-rental company, has announced that its like-for-like rent roll has risen and customer demand has remained strong. Furthermore, the company’s Chief Executive Officer, Graham Clemett, has stated his intention to retire in 2024.

During the quarter ended December 31, the company received an average of 759 customer enquiries per month, compared to 724 enquiries in the same period the previous year. However, lettings decreased slightly from 110 to 104 year-on-year. Like-for-like occupancy also experienced a slight decrease of 0.4%, reaching 88.2% over the quarter.

Despite the usual seasonal downturn in December, demand remained resilient. In fact, the company recorded 629 enquiries in the first three weeks of January alone.

In the third quarter, the average like-for-like rent per square foot increased by 1.7% to £43.63 ($55.52).

Although the total rent roll for the period declined by 1% to GBP140.5 million, on a like-for-like basis there was a 1% rise to GBP108.3 million.

“A good start to the fourth quarter, combined with a positive trading outlook and strong balance sheet, underpins our confidence for the year ahead,” commented Clemett.

Clemett plans to retire after a successor has been appointed and a smooth handover process has been completed.

At 0813 GMT, shares were down by 4.5 pence, or 0.9%, at 519.5 pence.

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