Workspace will no longer be offering a 50% rent cut deal to customers from the end of June, as the UK emerges from lockdown restrictions.
The flex space office provider rolled out the discount to three quarters of its customers in mid-April, in order to support customers who may be struggling to pay rent as a result of coronavirus disruption.
Workspace initially offered the discount for the three months to the end of June, but in an interview with EG earlier this month, Workspace chief executive Graham Clemett said the company was yet to decide whether or not to extend the offering beyond this period.
However, a spokesperson from Workspace confirmed it will not be extended as lockdown restrictions have “significantly eased”.
The spokesperson added: “However, Workspace remains committed to supporting our customers as they return to their offices. We are engaging with them to ensure that we can meet their requirements in light of the varying impact of Covid-19 on their businesses. Our goal is to ensure that as many customers as possible are able to continue to operate from Workspace buildings.”
As a result of the discount, Workspace revealed in its latest financial results that it has lost out on roughly £15m of revenue. But Clemett told EG that the offer was an “investment in the future, goodwill and the future growth of those businesses”.
He added: “I’m comfortable with what we did. I think it’s the right thing to do, to share the burden with them.”
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