Workspace report strong results as London regains momentum
By Jenny McCall
09:40, 7 October 2021
London-based company, Workspace Group, has reported an increase in demand for its flexible office space in its second quarter trading statement, released on Thursday.
The group, which provides work space across 60 locations in the capital, reported improved demand, with September proving to be a strong month compared to the same period last year.
Increase in consumers returning to the office
Viewings increased to 629, compared to the same period last year where it was 435. Lettings also rose to 138, versus last year’s figure for the same period, which was 119 and enquiries increased to 935 compared to the same period last year of 869.
“Significant increase in our customers returning to their offices over the second quarter, with utilisation of our centres by the end of September peaking at 56% of pre-Covid levels mid-week, and 52% over the week as a whole,” the statement said.
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Disposal and acquisition
The group also reported strong cash collection, with 97% of rent due for the second quarter collected to date, this is ahead last years figure for the same period.
Workspace announced the disposal of its Fitzroy Street premises in London’s West End for £92m, and has now acquired The Old Diary in Shoreditch for £43.4m. The group said it is well positioned to “continue to invest” in its project pipeline and acquisition opportunities.
London coming back to life
Graham Clemett, CEO of Workspace Group PLC, commented: “It's great to see London coming back to life, and our latest utilisation and occupancy figures show that London’s SMEs are leading the way back to the office and are optimistic about the future. These are positive signs of momentum and further proof that our truly flexible offering is resonating in the evolving working world.
“The pandemic has made people appreciate that not all offices are created equal. More than ever, the right office space in a great location with strong sustainability credentials and flexibility really matters to our customers and their employees. We’re perfectly positioned to benefit from this shift and we’re very excited about the future as we continue to expand our property footprint across London."
The stock price for Workspace rose by 3.88% at 829.50p in morning trading today.
Read more: IWG reports a slump in sales due to COVID-19
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