Workspace Group Posts £120.5 Million Loss as London Office Demand Weakens

1 articles · Updated · Bloomberg · Jun 10

Workspace Group reported a £120.5 million loss for the year through March, missing expectations as weaker demand for London flexible office space cut property valuations.
Occupancy in its stabilized portfolio fell to 81.6% from 83% a year earlier, while rents dropped 2.1% per square foot, deepening pressure on income and asset values.
The London landlord serves small and medium-sized businesses, leaving it exposed to softer leasing demand in the capital's office market.
Saba Capital Management is already targeting the company, adding investor pressure as Workspace navigates falling rents, higher vacancy and weaker valuations.