London leasing momentum building, says GPE
“Momentum is building” in London office leasing activity, according to Great Portland Estates chief executive Toby Courtauld.
An uptick in enquiries in the first quarter of the year has translated into “healthy” leasing activity for the group in the past three months, he said.
Courtauld noted particular demand for prime grade-A and flex offices.
“Momentum is building” in London office leasing activity, according to Great Portland Estates chief executive Toby Courtauld.
An uptick in enquiries in the first quarter of the year has translated into “healthy” leasing activity for the group in the past three months, he said.
Courtauld noted particular demand for prime grade-A and flex offices.
During the quarter ended 30 June, GPE signed £12.7m in new annual rent, 9.3% ahead of March 2021 ERV.
GPE agreed 16 new leases and renewals during the period, including three lettings at the new Flex+ offering at 16 Dufour’s Place, W1.
At the end of the period, GPE had a further £14.9m of lettings under offer with 23 leases, up from £5.5m in May, 6.7% ahead of March 2021 ERV. The group has a further £33m in new annual rent in negotiation.
Courtauld said: “As momentum in our markets builds, we can expect demand for our flexible and sustainable spaces to grow.
“With our sizeable development programme designed to satisfy customers’ changing needs, our low leverage and high liquidity providing significant capacity for growth and our talented and innovative team, we are well placed to capitalise in such a dynamic market environment.”
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