Demand for flexible work space is holding up, said Workspace Group, despite macro-economic difficulties.
But the REIT acknowledged that demand remained below pre-Covid levels.
In a trading update for its third quarter, the FTSE 250 company said that its like-for-like rent roll was up 2.2% to £96.5m over the quarter, and up 5.9% since March 2022. Total rents rose £3.2m in the quarter to £137.9m.
Occupancy was slightly down at 89.2%, as was the monthly average for lettings, down from 117 to 110. However, the conversion rate from enquiries to lettings was up.
Chief executive Graham Clemett said: “We saw resilient demand for our distinctive flexible offer in the third quarter and a strong start to the fourth quarter with a good conversion of enquiries to lettings.
“Building on the momentum from the first half of the year the high level of customer demand has enabled us to move pricing further forward, although it still remains below pre-Covid levels.”
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