Lawrence preps fresh strategy for Workspace
Flexible office operator Workplace Group is prepping a revamp of its strategy under new chief executive Lawrence Hutchings.
In a trading update for the company’s fourth quarter, to 31 March, Hutchings (pictured) said the company is moving to “counter current macroeconomic and competitive pressures, support retention and improve conversion”.
He added: “These actions will help make Workspace a more agile, efficient business and drive occupancy back up to sustainably higher levels. I look forward to providing more detail on this, and our wider short- and medium-term plans, as part of a strategy update that will be presented alongside our full year results in June.”
Flexible office operator Workplace Group is prepping a revamp of its strategy under new chief executive Lawrence Hutchings.
In a trading update for the company’s fourth quarter, to 31 March, Hutchings (pictured) said the company is moving to “counter current macroeconomic and competitive pressures, support retention and improve conversion”.
He added: “These actions will help make Workspace a more agile, efficient business and drive occupancy back up to sustainably higher levels. I look forward to providing more detail on this, and our wider short- and medium-term plans, as part of a strategy update that will be presented alongside our full year results in June.”
The company struck 390 new lettings during the quarter, with a total rental value of £10.1m. Like-for-like rent per sq ft was up 0.9% to £48.08, while like-for-like occupancy dipped 1% to 85.1%.
Larger companies have continued to vacate space, the company said, with bigger spaces now requiring refurbishment or subdivision.
“Recent macroeconomic events combined with slower economic growth will continue to affect sentiment among some of our customers,” Hutchings said. “Whilst it will take some time for us to work through the impact of the larger unit vacations we have seen, and expect to see in the first half of this year, we remain laser focused on what we can control, including costs, as we continue to prioritise a recovery in occupancy and rent roll.”
