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Workspace’s occupancy levels pick up as London comes back to life By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: After the coronavirus epidemic (COVID-19), London and Britain’s June 5th 2020, people enter The Frames. REUTERS/Simon Newman/File Photo

(Reuters] – Workspace London’s office space provider said that Thursday saw occupancy rise to more than 50% at London centers after workers returned home following lifting lockdowns.

Last month, the company saw a 56% increase in utilisation, up by 2.7 percentage points to 85.6% in the third quarter and 3.7% in half-year, respectively, from the low of 81.9% at February’s close.

Graham Clemett, Workspace boss (NYSE:) Clemett stated in a statement that “it’s wonderful to see London come back to life. Our latest utilisation figures and occupancy figures demonstrate that London’s SMEs lead the way back into the office.”

According to the company with around 3,000 customers it also stated that pricing has stabilized, with an average rent per sq foot increasing by 0.3% to 35.50 Pounds in the second quarter.

Workspace claimed it collected 97% of rents due in the second quarter, bringing the overall collection rate for the year up to 96%. Like the rest, the company struggled to collect rents during the pandemic.

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