5 February 2024
GPE Investor and Analyst Flex Office Session
Great Portland Estates plc (GPE) recently held a Zoom Session providing a deeper dive on our Flex office activities. The presentation highlighted that:
· Flex is the default choice for sub 5,000 sq ft office space: 57% of West End lettings are sub 5,000 sq ft1
· The Flex market is sizeable and growing: expected to be 50m sq ft by 20281 in central London
· The customer base is diverse & broader than just SMEs: 57% customers expected to have 10%+ in Flex space by (2028)1
· Customers are paying us a premium for hassle-free spaces: +103% net effective rent beat2
· Flex will create income and valuation growth for GPE: +195% growth in NOI by 20283
· We have strong growth ambitions: 1m sq ft Flex portfolio
As a result, the provision of Flex space is increasingly a prerequisite for maximising returns from smaller central London spaces.
A recording of the call is now available on our website: www.gpe.co.uk/investors.
1. CBRE, Instant Offices 2. GPE Fully Managed LTM 3. Committed Fully Managed space by 2028
Great Portland Estates plc |
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Toby Courtauld, Chief Executive |
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Nick Sanderson, Chief Financial & Operating Officer |
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Stephen Burrows, Director of Financial Reporting & IR |
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FGS Global |
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James Murgatroyd |
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Gordon Simpson |
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For further information see www.gpe.co.uk or follow us on Twitter at @GPE_plc
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