Workspace's rent roll grows in Q4

(Sharecast News) - Real estate investment trust Workspace said on Thursday that growth in like-for-like occupancy and a rise in rent per square foot had resulted in a higher fourth-quarter rent roll.

Workspace reported another quarter of strong growth in like-for-like occupancy, up 3.0% in the quarter to 89.6%, and up 7.8% over the year, to reach normalised pre-Covid levels with scope for further growth.

The FTSE 250-listed firm also saw a further quarter of pricing growth, with like-for-like rent per square foot up 1.3% at £36.39.

As a result, Workspace said its total rent roll in the three months ended 31 March had increased 3.5% to £111.0m, with overall occupancy increasing by 2.1% in the quarter to 84.3%.

Workspace added that it also experiences Real estate investment trust Workspace said on Thursday that growth in like-for-like occupancy and a rise in rent per square foot had resulted in a higher fourth-quarter rent roll.

Workspace reported "continued strong demand" from small to medium enterprises, with an average of 957 enquiries per month and 127 lettings per month in the fourth quarter.

Chief executive Graham Clemett said: "This is a fantastic end to a year of strong recovery, and we are going into the new financial year with positive momentum across all key indicators.

"Despite the uncertain macroeconomic environment, it is clear that our offer is resonating and our strategy is working. We are confident that we are well-positioned for further sustainable growth."

Workspace