Grosvenor reduced the vacancy rate across its London retail, residential and office portfolio to 4.3% in 2023.
Available space across the company’s retail properties stood at 4.9% at year-end and its office vacancy rate was 3.8%.
Grosvenor said it signed leases with 69 new retail, leisure and office occupiers over the course of 2023, covering 219,000 sq ft of space and generating £22.8m of rent at an average of 5% over ERVs. An additional 26 renewals were signed.
Amelia Bright, executive director, London Estate, at Grosvenor Property UK, said: “Despite increasingly challenging economic conditions, 2023 saw strong leasing across all sectors in our portfolio, with robust performance both in our standing portfolio and our new highly sustainable developments. Through our occupier-led approach we will continue to differentiate our offer, finding additional ways of supporting occupier success and investing in the places we manage.”
