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Workspace Group PLC reported a decline in like-for-like occupancy for the second quarter, attributing the drop to an increased rate of customer turnover.
For the quarter ending Sept. 30, the London-based flexible workspace provider secured 296 new lettings, amounting to an annual rental value of £7.4 million. In the first half of the year, new lettings reached 603, totaling £15.8 million in annual rental value, according to Morning Star.
The company noted it maintained pricing momentum, with like-for-like rent per square foot rising by 1.6% in the second quarter and 2.8% for the half year, reaching £47.00.
However, like-for-like occupancy fell by 0.7% in the second quarter, to now just below 88%. The like-for-like rent roll decreased by 1.4% for the half year, totaling £109.0 million. Workspace cited an “above-average number of larger clients leaving” as a contributing factor.
CEO Graham Clemett noted strong customer demand during the typically quieter summer quarter, highlighting the company’s consistent pricing growth and the appeal of its high-quality, well-connected workspaces.
He mentioned ongoing capital reinvestment into projects, including the recent refurbishment of Leroy House in Islington, which, along with strong demand from London’s SMEs, positions Workspace for promising growth opportunities.
Shares of Workspace Group fell 0.2% to 619.00 pence in London on Tuesday morning.
