Property firm back in profit as workers return to offices
The Guardian|November 16, 2024
One of Britain's biggest property developers has provided further evidence of the return to office working, saying occupancy in its central London offices is at an all-time high and the value of its portfolio has returned to growth.
Mark Sweney
Property firm back in profit as workers return to offices

The improvement in the market helped Landsec, which owns offices and retail locations such as the Bluewater in Dartford and Trinity Leeds shopping centres, bounce back to a £243m pre-tax profit in the six months to the end of September.

The company, which has reduced its assets in the City of London from 42% of its office portfolio when the Covid pandemic began in 2020 to 23% in 2024, had reported a loss of £193m in the same period last year.

Yesterday, Landsec said its West End offices were "practically full" - with occupancy across its central London portfolio at 97.9% - and 80% of customers striking lettings deals over the last year to enlarge space or maintain existing size.

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