Stenprop’s chief executive says demand for multi-let industrial space “is as high as we’ve ever witnessed”, as the company posts a record quarter for leasing.
In a trading update covering the first quarter of this year, Stenprop said it has signed £1.54m of annual rent across 50 new lettings and 33 renewals. Occupancy over the quarter edged up to 93.%, with leasing enquiries more than 50% up on the first quarter of last year and some 66 transactions under offer at the quarter end.
The company saw an average uplift of a quarter on previous passing rent on new lettings and of 15% on renewals. It has collected roughly 90% of rent due over the course of the pandemic.
