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Workspace sees drop in occupancy and rents
StockMarketWire.com
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Workspace Group has reported a 3.4% fall in like-for-like occupancy in the three months to December 31, 2020, driven by the exit of customers that had given notice earlier in the year.
Like-for-like occupancy in the quarter fell to 82.1%, while rent per sq. ft. reduced by 5.3% to £38.46.
The Group said approximately half of the decline in rent was driven by short-term lease incentives that will unwind over the next six months.
Customer demand is said to have been 'resilient' during the period, with an average of 672 enquiries per month in the quarter, compared with 1,001 in Q3 2019/20. There were 109 lettings per month in the period, compared to 113 in Q3 2019/20.
Cash collection also remained robust, with 91% of rent due for the third quarter and 82% of rent due for the fourth quarter collected to date, in line with the level of rents collected at the same point in the third quarter.
Graham Clemett, chief executive officer at Workspace Group, commented: 'The last nine months have certainly been challenging for society, our customers and our business. Despite near-term uncertainty, we are seeing signs that customers are starting to look through the pandemic and we believe that our strategy, business model and differentiated customer offer position us to outperform over the medium and longer term.
'In terms of trading performance in the quarter, customer activity was impacted by Government restrictions, but we were encouraged by the resilient demand for our space, which has continued into the fourth quarter. It appears that we are now coming towards the end of the significant occupancy declines we have seen over the last three quarters.'
At 9:11am: (LON:WKP) Workspace Group PLC share price was 0p at 711.5p
Story provided by StockMarketWire.com
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