GPE has sealed new lettings across its office portfolio at a sizeable lift to the space’s estimated rental value.
In a trading update for the quarter to 30 June, the company said it struck 22 new leasings and renewals over the three months, generating £6.4m in annual rent at an average of almost 17% ahead of March 2023 ERV.
Four of those lettings were for the company’s growing flexible offices business, where its fully managed leases are now being signed at an average of £252 per sq ft, with a recent renewal at 16 Dufour’s Place, W1, struck at £278, a fifth ahead of ERV.
Retail leases are also being priced ahead of ERV, with a 20% lift for the 12 lettings agreed in Q2.
GPE chief executive Toby Courtauld (pictured) said occupiers are “increasingly discerning” but said the company has “the team and the track record to capitalise on opportunities that are emerging, particularly if the economic uncertainty persists”.
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