Occupancy Rate Of Workspace’s Serviced Offices Near Pre-COVID Levels
UNITED KINGDOM – With small- and medium-sized enterprises (SMEs) returning to their workplace, the occupancy level of serviced offices operated by Workspace are approaching pre-pandemic levels, according to separate reports from London South East and The Times that were published recently.
According to the commercial property landlord, which has serviced offices mainly in London, like-for-like occupancy rate had increased by 3 percentage points to 89.6 percent during the 4th quarter of its fiscal year that ended on 31 March 2022. Compared to the same period in the preceding financial year, this translates to a growth of 7.8 percentage points.
Aside from that, average enquiries for its serviced office space climbed 5 percent year-on-year to 957 per month from 910 a month in the prior fiscal year, while monthly rentals rose 14 percent to 127 from 111 previously.
At the same time, like-for-like rent increased from £35.92 psf to £36.39 psf. This pushed up the company’s like-for-like Q4 rental revenue by 4 percent to £92.9 million, while overall rental revenue rose 3.5 percent to £111 million.
“Our strong performance in the fourth quarter demonstrates further evidence that whilst SMEs have always appreciated flexible working, they also place enormous value on working together in the right space where they can collaborate, be creative and build distinctive cultures for their businesses,” commented Workspace CEO Graham Clemett.
“In this dynamic SME market, the continued demand for our space across a broad range of locations is translating into higher occupancy, higher utilisation, and improved pricing,” he added.