Great Portland Estates plc (GPE) publishes a trading update for the quarter to 30 June 2023.
Toby Courtauld, Chief Executive, said: “Against a challenging macro-economic backdrop that is placing upward pressure on yields, particularly for non-prime spaces, we are pleased with our strong operating performance. Whilst our low levels of vacancy means we have limited space to lease, we had another active quarter with £6.4 million of new leasing deals at rents 17% higher than the March 2023 ERV, reaffirming our confidence in our rental value guidance of 0% to 5% growth for the financial year. We are also encouraged by the further £5.3 million of rent that we currently have under offer, some 13% ahead of ERV.
Our focus on the best spaces, whether HQ developments, Fitted or Fully Managed, is well suited to meet a market demand that is increasingly discerning. And with our strong balance sheet and plentiful liquidity, we are confident that we have the team and the track record to capitalise on opportunities that are emerging, particularly if the economic uncertainty persists”.
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