Workspace sees customer demand return to pre-Covid levels in Q1
Flexible office space provider Workspace Group said on Thursday that customer demand was now running at pre-Covid levels, with an average of 947 enquiries per month and 125 lettings per month in the quarter ended 30 June.
Workspace stated it had experienced "strong" cash collection during the quarter, with 95% of rents due for the period and 90% of rents due for the second quarter already being collected.
The FTSE 250-listed firm also said like-for-like occupancy was also recovering, up 1.1% in the quarter to 82.7%, while pricing was said to be "beginning to stabilise" as customer demand improved, with average rent per square foot down by 2.4% to £35.69 in the quarter.
Chief executive Graham Clemett said: "Our first-quarter performance reinforces our confidence that we have come through the worst of the pandemic and are now on a clear positive trajectory. Whilst we expect a degree of uncertainty to remain in the near-term, we are seeing strong signs that London's businesses are returning to work and are optimistic about the future.
"With occupancy increasing and pricing beginning to stabilise, this is a solid start to what we expect to be a positive year for Workspace. Looking ahead, we are well positioned to capture the significant growth opportunities in front of us as the market demand for office space continues to shift towards a combination of flexibility, quality and sustainability."
As of 1030 BST, Workspace shares were up 1.42% at 300.0p.