Workspace beats gloom as small firms fight for room

 

London’s entrepreneurs continue to buck the economic woes of the rest of the country amid increasing demand for space, landlord Workspace said today.

The company, which counts online greeting cards firm Moonpig, model Caprice’s lingerie business and upmarket childrenswear company AlexandAlexa among its tenants, has grown occupancy 0.8% to 89.6% in the three months to January 31.

“Lots of small companies are now winning market share from the bigger corporates and we are showing around a lot of online retailers,” chief executive Jamie Hopkins said.

“These are the kinds of people who can base themselves wherever they want. They don’t need a  shop window.”

Workspace grew like-for-like rents 1.4% to £44.2 million over the quarter. The value of its London property portfolio is up 3.6% since March last year to £799 million.

Espirito Santo analyst Michael Burt said: “Monthly enquiry  levels were 8% higher than the prior year.

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