Derwent reports improved rent collections

Property company Derwent London reported improved rent collections in March and £1.3m of new lettings in the year to date as the capital started to return from the latest Covid-19 lockdown.

The company on Thursday said it had collected around 93% of first quarter day rent, up from 87% on 13 April with another 4% expected later in the quarter. Vacancy rates rose to 2.3% from 1.8% in December.

"We are seeing a marked increase in activity across our portfolio as London is emerging from lockdown and we now have £5.6m of lettings completed or under offer. Our occupiers are telling us that they are keen to return to their offices as the economy bounces back,” said chief executive Paul Williams.