16th Jul 2025 09:30
(Alliance News) - Workspace Group PLC on Wednesday reported a slight drop in quarter-on-quarter occupancy levels but said it was converting more enquiries to viewings.
The London-based real estate trust said 278 new lettings were completed in the quarter to June 30, with a total rental value of GBP7.1 million per annum.
Like-for-like rent per square foot was GBP47.42 in the three months period, unchanged quarter-on-quarter, while LFL occupancy fell to 82.2% from 82.5%.
Workspace said it has made "good progress" against its strategy, with immediate focus on stabilising and rebuilding occupancy.
But it continued to see larger customers vacating in the quarter while occupancy has also been impacted as the recent completion of large unit subdivisions, which are now available to let, has increased the total available floor area.
"We expect to see a further decline in like-for-like occupancy in the second quarter due to the impact of a large customer vacating at The Centro Buildings in Camden," Workspace added.
The LFL rent roll was 0.3% lower in the quarter at GBP111.6 million from GBP111.9 million.
Workspace said enquiry levels were lower in the quarter reflecting the timing of Easter, but more "targeted marketing efforts, in line with the new strategy, have improved conversion to viewings."
Shares in the London-based real estate trust fell 1.6% to 390.50 pence each in London on Wednesday.
By Jeremy Cutler, Alliance News reporter
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