GPE has posted a record year for lettings, with its team predicting that supply of top-tier workplaces will remain tight in London.
In an update for the first quarter of this year, the company said it had signed 105 deals for £55.5m of rent over the past 12 months, at 3.3% ahead of March 2022 ERV. That figure included 11 leases and renewals signed in Q1 and generating £4.4m of rent at an average of 8.9% ahead of ERV.
The company sealed 35 new retail leases worth £10.2m in rent, but at 9.1% below ERV.
Chief executive Toby Courtauld said: “Whilst the macro-economic volatility persists, we remain confident that we are well placed for these market conditions. We anticipate that the uncertain outlook in the near term will exacerbate the shortage of new deliveries in central London, supporting rents for the best spaces and, given our low levels of leverage, present opportunities in the investment market to add to our development pipeline and expand our fitted and fully managed offers.”
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