(Reuters) -Business landlord British Land Co Plc (LON:) swung to a half-year revenue on Wednesday on improved hire assortment and better worth of its workplace areas and retail parks.

Workplace property corporations within the UK are step by step recovering after battling decrease rental ranges and steep decline in valuation within the wake of the pandemic, as individuals more and more return to cities, whereas extra spacious retail parks have benefited in the course of the well being disaster.

“Demand is firmly centered on the perfect (workplace) area, with an emphasis on sustainability, wellness, shared and versatile area and glorious transport connections,” Chief Government Officer Simon Carter mentioned in an announcement.

The Broadgate Property proprietor, which counts workplace area as its largest phase, mentioned a per-share measure that displays the worth of its buildings, EPRA Internet Tangible Belongings, rose 5.1% to 681 pence, whereas total portfolio valuation elevated 2.9%.

The corporate mentioned hire assortment at its retail portfolio was 96% for the half-year interval, whereas it was solely collected for the workplace areas.

The agency mentioned revenue after tax got here in at 370 million kilos ($497.95 million) for the six months ended Sept. 30, from a lack of 730 million kilos a yr earlier.

British Land’s larger rival Landsec additionally swung to a half-year revenue on Tuesday, helped by “resilient” rents at its prime Central London-focused workplace portfolio.

($1 = 0.7431 kilos)