Workspace expects robust H2 rental growth in London

24 Nov 2023 CW Team

Workspace Group anticipated robust rental growth in the latter part of the ongoing fiscal year, following the recording of a half-year loss due to the impact of elevated interest rates on the valuation of its properties, as announced by the London-centric provider of flexible office spaces.

Amid broader economic concerns, flexible space operators like Workspace demonstrated strong performance on the operational front. Tenants, navigating through uncertainties, increasingly favoured short-term leases and periodically reviewed their strategies.

According to the company's statement, they observed sustained demand and projected a further increase in the average rent per square foot in the second half of the year.

The London-listed entity, catering primarily to small and medium-sized enterprises and entrepreneurs, reported successfully attracting some former UK clients of WeWork. This move came after the U.S.-based company declared bankruptcy earlier in the month. Workspace, with a distinct business model and ownership of its buildings, differs from WeWork. However, Dave Benson, the company's finance chief, suggested that WeWork's restructuring could prove advantageous for Workspace.

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