British Land Provides Positive City Leasing Update
Why we think this is neutral
This is a general update on leasing progress at British Land's Broadgate and Norton Folgate properties. While the update highlights positive leasing momentum, it does not contain any specific financial figures or trading updates that would warrant a stronger sentiment score.
Key Points
- Strong leasing progress at Broadgate, with 11 businesses now leasing Storey flexible office space
- 12 leasing deals totalling 48,000 sq ft across the wider Broadgate campus, 4.1% ahead of ERV
- 11 leasing deals totalling £3.0m of rent at Norton Folgate, taking the property to 64% let or under offer
Summary
British Land has provided an update on its leasing progress at the Broadgate and Norton Folgate properties in London. At Broadgate, the company has seen strong demand for its Storey flexible office space, with 11 businesses now leasing space at 201 Bishopsgate and the recently completed Broadgate Tower. Across the wider Broadgate campus, there have been 12 leasing deals totalling 48,000 sq ft, 4.1% ahead of estimated rental value (ERV), with a further 128,000 sq ft under offer.
At Norton Folgate, there have been 11 leasing deals totalling £3.0m of rent, representing around a quarter of the remaining space. This takes the property to 64% let or under offer, rising to 77% when including leases in negotiations. The property remains on track to be fully let by the end of the financial year.