London flexible office provider, Workspace, has written down the value of its portfolio. In its half-year results it said that its properties were worth £2.5bn, 5 per cent less than at the end of March.
The company reported that occupancy and rents are down, and the board has deferred a decision on the dividend until the full-year results.
Chief executive Graham Clemett said that the pandemic had “accelerated fundamental changes to the role and requirements of the office”.
However, flexible office companies are ideally placed to support the businesses that occupy them, which Clemett said “would need to be agile and would expect the same from their office providers.”