Workspace Group PLC on Thursday said Chief Executive Office Graham Clemett will retire from the company this year, once a successor has been found, while also reporting stable business during the last three months of 2023.

Workspace is a London-based provider of flexible office rentals, managing 4.6 million square feet of space at 78 locations in London and the south east of England.

Its like-for-like rent roll rose 1.0% in the three months ended December 31 - its financial third quarter - from the second quarter and was up 7.4% from the end of March last year.

Workspace said it completed 312 new lettings last quarter with a total rental value of £7.6 million. Rent per square foot was £43.63, up 1.7% on a like-for-like basis over the three months and up 8.5% since March.

Meanwhile, like-for-like occupancy was stable at 88.2%, compared to 88.6% in September.

Workspace said it continued its programme of selling non-core properties, with £39 million in asset sales since September and £132 million since March.

‘A good start to the fourth quarter, combined with a positive trading outlook and strong balance sheet, underpins our confidence for the year ahead,’ said CEO Clemett.

Clemett has worked at Workspace for 16 years, first as chief financial officer and then as CEO for the past five years. The company said Chair Duncan Owen will lead the search for a new CEO.

Workspace shares were down 0.6% at 521.10 pence on Thursday morning in London.

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