Occupancy of Grosvenor’s London property portfolio hit a post-pandemic high in H1 2024.
In the first six months of the year, occupancy of the company’s assets in the capital rose to more than 97%, with office occupancy rates topping 99%, driven by leasing activity in Grosvenor’s new flex office offer (pictured).
Grosvenor signed 64 leases in H1 2024 totalling 127,000 sq ft across all property sectors in its Mayfair and Belgravia portfolio, generating £8.52m of rent – 11% ahead of ERVs.
The company said 60% of leases and renewals by volume came from retail and leisure occupiers and a further 12 new retail and leisure leases and renewals are currently under offer at 14% over ERVs.
Amelia Bright, executive director, London estate at Grosvenor, said: “The results across our London portfolio demonstrate the benefit of continual investment in our properties, places and partnerships with occupiers. We’re seeing ongoing strength in demand for our high-quality, sustainable places. With a substantial investment pipeline including South Molton, the largest mixed-use development on site in the West End and further flex openings, we’re confident about future performance.”
