UK markets closed
  • FTSE 100

    7,017.47
    -135.96 (-1.90%)
     
  • FTSE 250

    22,324.19
    -210.95 (-0.94%)
     
  • AIM

    1,229.80
    -11.57 (-0.93%)
     
  • GBP/EUR

    1.1636
    -0.0053 (-0.46%)
     
  • GBP/USD

    1.3809
    -0.0115 (-0.83%)
     
  • BTC-GBP

    25,650.38
    -1,972.07 (-7.14%)
     
  • CMC Crypto 200

    888.52
    -51.42 (-5.47%)
     
  • S&P 500

    4,166.45
    -55.41 (-1.31%)
     
  • DOW

    33,290.08
    -533.37 (-1.58%)
     
  • CRUDE OIL

    71.50
    +0.46 (+0.65%)
     
  • GOLD FUTURES

    1,763.90
    -10.90 (-0.61%)
     
  • NIKKEI 225

    28,964.08
    -54.25 (-0.19%)
     
  • HANG SENG

    28,801.27
    +242.68 (+0.85%)
     
  • DAX

    15,448.04
    -279.63 (-1.78%)
     
  • CAC 40

    6,569.16
    -97.10 (-1.46%)
     

Workspace swings to a loss as WFH hits London office sector, but lettings momentum now picking up

·1-min read
<p>Workspace has a number of office buildings in London</p> (Workspace)

Workspace has a number of office buildings in London

(Workspace)

Workspace has dropped into the red, after the offices landlord was hit by the working from home guidance, but it said momentum has picked up recently.

The landlord, which has 60 sites in London and offers flexible leases, often to SMEs and startups, said the value of its estate declined by £258 million to £2.3 billion in the year to March.

The FTSE 250 firm saw rental income decrease as companies exited leases when allowed, or downsized, as government guidance encouraged people to work from home. Workspace also offered rental discounts at the start of the crisis.

It recorded a pre-tax loss of £235.7 million compared with a profit of £72.5 million. That marks its first annual loss in 12 years.

However, the firm, which offers shorter leases than many other landlords, could benefit as many bosses seek more flexible space they can use as part of hybrid working plans. Numerous companies have said they plan to offer a mix of home and office hours post-pandemic.

Workspace chief executive Graham Clemett told the Evening Standard that currently “viewings, enquiries and lettings are running at or above pre-Covid levels”.

Clemett also said: “The role of the office in our working lives is being re-examined and all the signs highlight flexibility, quality and wellbeing becoming more important for businesses and their people. We are perfectly positioned to benefit from this accelerated shift in attitudes.”

Read More

Half of UK firms set to move office as shift to flexible working outlasts pandemic

NatWest looks to hybrid working post-pandemic, with just 13% in office-first model

The Office Group predicts higher demand for flexible workspace as it agrees BP letting

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting