Published Tuesday, November 17th, 2009, by Mike Sullivan.
London-based Workspace Group reported a loss of £39m in their first quarter this year. This pretax loss compared with the £128.5m loss they experienced in the same period last year.
Like-for-like occupancy in the period came in at 84%, an increase of 0.8%. Meanwhile, the value of their property portfolio fell 7% to £604.7m in the six-month period.
Despite the current economic climate, Workspace Group continues to perform well at an operational level and enquiries and occupancies are on the rise. The company offers five serviced office locations in the London area.
The market is expected to continue to stabilize.
Workspace Group’s plans for the future emphasize three priorities: improving occupancy and rent roll, improving the recycling of capital and reinvesting of stock, and exploiting opportunities the downturn presented. Focus will also increase on making sustainability a higher priority for their tenants and building owners over the next decade.