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 | +44 | (0) | 20 | 7647 | 3000 |
| Toby Courtauld, Chief Executive | | | | | |
| Nick Sanderson, Chief Financial & Operating Officer | | | | | |
| Stephen Burrows, Director of Financial Reporting & IR | | | | | |
| | | | | | |
| FGS Global | | | | | |
| James Murgatroyd | +44 | (0) | 20 | 7251 | 3801 |
| Gordon Simpson | | | | | |
For further information see www.gpe.co.uk or follow us on Twitter at @GPE_plc
LEI Number: 213800JMEDD2Q4N1MC42
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
