Workspace reports Q1 rent rises

Office provider Workspace reported a rise in first-quarter rents, driven by resilient demand.

The company on Thursday said 260 new lettings were completed in the three months to June 30 with a total rental value of £7.0m a year.

Like-for-like occupancy was stable at 89.2% and the LFL rent roll was up 3.2% to £103.6m.

"We have had a good start to the new financial year highlighting the appeal of our flexible offer, with stable like-for-like occupancy and continued improvement in pricing," said chief executive Graham Clemett.

"As always, we are staying very close to our customers monitoring trends on a real time basis. While we remain vigilant, London's small and medium enterprises are proving resilient in the current economic climate."

Reporting by Frank Prenesti for Sharecast.com