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Jun 3, 2021
, Bloomberg News
(Bloomberg) -- Early signs suggest there’s one type of office that Londoners are eager to get back to.
Workspace Group Plc, which rents out flexible office space across central and suburban London, is seeing demand and lettings return to pre-Covid levels as lockdown restrictions ease. Leasings more than doubled from January to March, the company said in its full-year earnings statement on Thursday.
“We are seeing encouraging signs of recovery in customer demand,” Chief Executive Officer Graham Clemett said in the statement. “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.”
Workers in the U.K.’s traditional office spaces are still proving reluctant to return, with occupancy still less than half of pre-Covid levels, according to software firm Metrikus. That’s despite a gradual re-opening of the economy after months of lockdown, with the country recording no new pandemic deaths this week for the first time since the outbreak.
The coronavirus hit Workspace hard, with its portfolio values sinking 10% to 2.3 billion pounds ($3.3 billion) in the year through March as it slashed rental prices for tenants. That saw the company swing to a 235.7 million-pound loss before tax.
Still, the revival in activity has given the firm confidence to pay a final dividend after earlier deferring the decision.
©2021 Bloomberg L.P.
