Workspace sees surge in demand

George Sell George Sell Uploaded 13 July 2020

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UK: Workspace Group has reported a significant increase in customer demand, receiving 765 enquiries in June compared with 272 in April.

This compares to a monthly average of 1,060 enquiries in Q1 2019. The firm has received 65 per cent of rent due for Q2 this year, compared to 80 per cent last year.

Chief executive Graham Clemett said: “Activity in the first quarter has been significantly impacted by the lockdown. We offered our business centre customers a 50 per cent rent reduction for the first quarter ending in June, which was well received. As our existing customers review their space requirements, we have seen like-for-like occupancy fall by three per cent to 90 per cent in the quarter and we expect to see continued pressure on occupancy levels in the short-term. However, we are encouraged by the early signs of a recovery in business confidence, with improving levels of enquiries, viewings and lettings."

“We remain confident in the longer-term attractions of our flexible customer offer, despite the near-term challenges. We also continue to create value from our project pipeline and were delighted to receive planning consent for a major scheme in Wandsworth during the quarter," he added.

Workspace Group plc is a REIT, based in London. Founded in 1987 by the privatisation of property assets of the former Greater London Council, the company lets office, industrial and workshop space to small and medium-sized enterprises.

 

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