The workspace is constantly in high demand;  Many projects are progressing

The workspace is constantly in high demand; Many projects are progressing

(Alliance News) — Workspace Group PLC said Thursday that customer demand remained strong and occupancy was broadly flat in the third quarter.

The London-based provider of flexible workspaces said occupancy was 89.2% as of December 31, down 0.4% from 89.6% as of September 30. However, Workspace said occupancy on recently completed projects was 79.5% in the third quarter, up 2.8%.

The company noted that flat line rent per square foot was £39.56 on 31 December, up 2.5% from £38.59 on 30 September.

Workspace added that it completed 330 new leaseholds in the third quarter, with an annual rental value of £8.8m.

CEO Graham Clemmett said: “We saw resilient demand for our premium flexible offering in the third quarter and a strong start in the fourth quarter with inquiries converting into healthy rents. In the year, a high level of customer demand allowed us to push prices up, although they were still lower. from pre-Covid levels.”

“We are making good progress on our project, and along with that we expect to complete a number of planned divestitures in the fourth quarter to improve our already strong financial position.”

The company said it is progressing with the sale of the residential component of its Wandsworth Riverside property development for £55m.

Workspace has also secured planning permission for a 366-unit residential development in Woking and has submitted planning applications for the refurbishment of its Busworks Islington property and for a proposed construction of the Havelock Terrace Battersea Business Centre.

Workspace shares were up 0.8% at 497.60p a share Thursday morning in London.

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By Harvey Durst, Alliance News correspondent

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