Flexible office operator Workspace Group has increased its rents as demand from tenants held up despite Tube and rail strikes.
The company said in a trading update for the quarter ending 31 March that like-for-like rents per square foot were up by 2.7% over the three months and had now risen by almost 10% over the past year to £40.61.
Some 341 new lettings were completed in the quarter, with an annual rental value of £8.3m. Like-for-like rent roll was up 7.2% year-on-year to an annual £97.7m, with like-for-like occupancy stable at 89.1%.
Chief executive Graham Clemett said: “We saw a strong fourth quarter of trading activity, with customer demand enabling us to continue moving our pricing forward.”
The company said it is seeing stronger demand at higher pricing for smaller units and is subdividing some larger units to meet this requirement.
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