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Workspace Group PLC on Thursday reported rental growth in the first half of its financial, buoyed by strong demand for flexible office space in the wake of the Covid-19 pandemic, which left many companies trapped in long leases for under-occupied offices. The London-based flexible workspace provider said that, in the six months that ended September 30, like-for-like rent was up 6.3% from a year before. Like-for-like rent per square foot was up 6.6%. Quarter-on-quarter, like-for-like rent per square foot climbed 3.3% to £42.98 as at September 30 from £41.60. Chief Executive Officer Graham Clemett said: ‘Space requirements are undoubtedly changing, which is playing to our advantage. Our customers want a great working environment, in the right place, with true, all-round flexibility - not just a shorter lease - at good value. This is driving strong demand and with occupancy stable at around 90%, the resulting pricing tension enables us to continue to improve rents.’ Workspace noted sound customer demand with 323 new lettings completed in the quarter, bringing in total rental revenue of £8.0 million per year. Total rent roll as at September 30 grew to £141.9 million per year from £140.1 million at March 31. Looking ahead, CEO Clemett said the company started the second financial half year in a strong position despite wider economic challenges. Workspace shares were 1.4% higher at 486.60 pence each on Thursday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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