Workspace has reported growth in rents and occupancy in the last quarter of 2016, as average rents across its portfolio rose to £25.70 per sq ft.
In an interim management statement for the period 1 October to 31 December 2016, the serviced offices provider reported steady enquiries for its space. Lettings, while down on Q3, were above Q4 2015’s total, it said.
Total rent roll for the quarter compared with Q3 was up by 2.5% to £86.9m, while like-for-like rents were up by 3.5% to £53.3m. Occupancy stood at 90.6%, up from 90.3% at September 2016.
In October Workspace exchanged on the sale of three mixed-use redevelopments, and received planning permission for two refurbishments in Hackney and Ladbroke Grove. It sold the Arches Business Centre in Southall for £13m, the second phase at the Light Bulb in Wandsworth for £7.8m, and the Lombard Business Centre in Croydon for £5.8m.
Chief executive Jamie Hopkins said: “With a strong balance sheet, established brand and quality offer, despite the challenging economic environment, I am confident that the business is well positioned to make further progress.”
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