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Workspace Group PLC on Thursday reported a rise in quarterly rent roll and said it is not seeing a ‘meaningful impact’ on customer demand from the uncertain economic backdrop.
The London-based real estate investment trust said its total rent roll stood at £135.3 million at the end of June, up £24.3 million at the end of March. Out of that, £22.0 million was generated by McKay, which Workspace bought for £272 million in May.
Regarding McKay, the firm said: ‘We have seen good leasing traction since the acquisition, with some 49,000 square foot completing or coming under offer, in line or ahead of March 2022 estimated rental values.’
Overall like-for-like rent roll was 2.9% higher in the quarter at £93.8 million. Like-for-like rent price per square foot increased by 2.6% to an average of £38.07 per square foot.
The occupancy rate was stable at 90% compared to the prior quarter, however it was up from 83% a year ago.
‘We continue to closely monitor the wider economic situation but are not currently seeing any meaningful impact on customer demand. As we have consistently demonstrated in the past, in these more challenging business environments our active operational capabilities combined with the attractions of our flexible offer and broad range of properties resonate strongly with our diverse customer base of agile, innovative SMEs,’ said Chief Executive Graham Clemett.
Workspace shares fell 0.4% to 562.50 pence each in London on Thursday afternoon.
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