Business

British Land’s leases hit fastest pace in a decade

British Land, one of the UK’s largest commercial property owners, said it was renting space at the fastest pace in a decade, with tenants betting on the future of work and shopping.

FTSE 100 Group said On Wednesday, it rented a little less than 4 million square feet of space in its workplaces and in its retail and fulfillment centers a year until the end of March.

The jump in demand raised the group’s base profit for the quarter compared to the previous year, to £ 251m. The British Land portfolio rose by 6.8%. Including changes in value, the company moved from a pre-tax loss of £ 1.1bn last year Profit before tax of £ 960 million this year.

The company said the demand comes from occupiers of large corporations looking for modern offices, which they hoped would be an asset in the war on talent and are increasingly a necessity for businesses that have pledged to reduce carbon emissions.

British Land leased more than 700,000 square meters of space to a trio of blue-chip companies during the period: JLL Real Estate, Allen & Overy Law Firm and below, Facebook’s parent company.

The value of the British Land retail parks portfolio of around £ 2 billion has risen by 21% a year to the end of March.

On Tuesday, British Land’s competitor, Landsec, announced Record year For office leasing activities in London. The landlord has signed new £ 63m leases, saying tenants are demanding more modern sustainable space.

Demand is also growing for retail parks, which often sit on the edge of town and offer both personal shopping and click-and-pick services and have become buyers’ hotspots during the plague.

British Land’s leases hit fastest pace in a decade Source link British Land’s leases hit fastest pace in a decade

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