Derwent London sees vacancy rates fall as shoppers, workers return

London property developer Derwent reported a fall in vacancy rates during the first quarter as workers and shoppers returned to the capital after Covid-pandemic lockdowns.

The company said its vacancy rate had fallen to 4.9% compared with 6.4% at the end of 2022, adding that it had secured new lettings worth £17m.

"London, particularly the West End, is busy and people are back in the office. Occupier demand continues to favour amenity-rich, well designed and sustainable space," said chief executive Paul Williams.

Reporting by Frank Prenesti for Sharecast.com.