Great Portland Estates has opened its new financial year in style, signing up £8.0m of annual rent across its Fully Managed portfolio.
The London-focused landlord completed 12 new leasing deals covering more than 41,000 sq ft at an average of £195 per sq ft. Tellingly, the rents came in 3.7% ahead of the company’s March valuation estimates.
The company believes this is a sign that pricing power remains firmly intact and that demand for GPE’s flexible, fully serviced workspace shows no sign of cooling.
The latest flurry builds on the momentum already building for the group that manages sites across central London. The group has pre-let over 13,000 sq ft at Elsley House in the West End ahead of launch, while momentum at City Tower in the City has held up well.
There’s plenty more in the pipeline. GPE is pressing on with the next wave of Fully Managed space, including The Courtyard in Bloomsbury and The Howlett in the West End, both under construction and due to complete in 2027.
Anthony Osho, Head of Flex Customer Relationships at GPE, said: “Securing over 41,000 sq ft of lettings ahead of ERV since March, demonstrates both the strength of demand for our Fully Managed offer and the quality of our customer relationships. By consistently delivering for our customers, we’re driving repeat business, rental growth and sustained momentum across the portfolio.”