(Sharecast News) - London office owner and operator Workspace Group reported higher rental income in the first quarter, but said there is a "long way to go" to reposition the business as it considers selling more assets to shore up the balance sheet.
Occupancy levels across the total portfolio rose 0.3 percentage points year-on-year to 79.8% during the three months to 30 June, while rent per square foot was 1.2% ahead of last year at £42.743.

As a result, rent roll improved by 1.8% to £128.0m.

The company also completed 264 lettings and 111 renewals during the period with a total rental value of £11.9m, up from the £10.7m in the same period the year before.

"In our full-year results on 10 June 2026, we set out a focused plan to reposition the business and deliver sustainable earnings growth, and work is already underway to execute this plan at pace. We saw a modest increase in stabilised occupancy and rent roll in Q1. While this is encouraging, there is still a long way to go," said chief executive Charlie Green.

During the quarter, Workspace sold £12.6m of assets, taking total disposals exchanged or completed to £138.4m since April 2025.

In addition to the £200m of assets currently being marketed for sale, the company said it was considering an additional £100m+ of disposals above its original target.

Green said the aim of the disposals is "to further increase balance sheet capacity and accelerate our accretive investment in the portfolio".

Workspace Group shares were up 1.2% at 347.25p by 0931 BST.

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