Workspace sees signs of stability

28th Jul 2009 08:32

Small business landlord Workspace said total rent roll declined 2.9% to £48m in the first quarter despite a rise in overall occupancy.The group added that it sees signs of stability in its occupancy levels."We are continuing to see a stabilisation in occupancy levels with overall occupancy up 0.7% in the quarter and like-for-like occupancy down 0.1%," the group said. Estimated rental value, excluding disposals, fell 6% to £64.6m. "Business conditions are challenging but customer demand is good, albeit with flexibility demanded on pricing. This has impacted on our cash rent roll although our contracted rent roll is holding up well," the group said in a company statement.The rate of decline in property values has begun to slow, with the fall in the quarter driven by rental income rather than yield movement, it added.