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Workspace rent roll declines amid Centro Building vacancies
(Sharecast News) - Flexible workspace operator Workspace Group reported a 2.3% decline in like-for-like occupancy on Thursday, dropping to 80% in the second quarter, largely due to customer vacations at The Centro Buildings in Camden. Like-for-like rent roll was down 3.2% in the quarter to £107.1m, while total first-half rent roll decreased by 3.9% to £134m. Like-for-like rent per square foot edged up 0.1% to £47.55.
The FTSE 250-listed firm stated that it had completed 326 new lettings during the period, generating £7.3m in annual rental value, and said it had exchanged or completed £52.4m of non-core asset disposals, 1.6% below March 2025 book value, with a combined net initial yield of 3.5%.
Net debt rose £20m to £833m, while cash and undrawn facilities stood at £167m.
Reporting by Iain Gilbert at Sharecast.com
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