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Workspace posts slow but steady recovery amid hybrid office return

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Workspace, which was established in 1987, manages 4.4m square feet of flexible office space across 74 locations in London and the south east.
Workspace, which was established in 1987, manages 4.4m square feet of flexible office space across 74 locations in London and the south east.

Workspace Group made a significant bounce back this morning, with like-for-like occupancy for office space up three per cent thanks to ongoing SME demand.

The flexible workspace group hit an average of 957 enquiries per month and 127 lettings per month as people slowly but surely made their way back into the office.

Whilst customer utilisation of the office space continues improve, the figures are still around 69 per cent of pre-Covid levels.

The company is also notably gearing up to acquire commercial property investment firm McKay Securities for £272m at 297p per share. Approval is expected at the end of the month for this deal.

Chief executive Graham Clemett commented on the results: “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.

“Our strong performance in the fourth quarter demonstrates further evidence that whilst SMEs have always appreciated flexible working, they also place enormous value on working together in the right space where they can collaborate, be creative and build distinctive cultures for their businesses. In this dynamic SME market, the continued demand for our space across a broad range of locations is translating into higher occupancy, higher utilisation and improved pricing.