Great Portland Estate (GPE) announces robust results for H1 2023

Indicating a resurgence in demand for its retail and office spaces amid the return of workers to central London. Despite a challenging property market and a 10.3% dip in the current portfolio value, primarily in retail properties, GPE remains optimistic. The company highlights a significant rebound in office occupancy, with 75% of workers returning across its West End portfolio and 93% near Elizabeth Line stations, offering positive prospects for retailers. Market lettings exceeded estimates, averaging 13.4% above March 2023’s rental value, with an annual rent role of £11.2 million. CEO Toby Courtauld expresses confidence in GPE’s strong position and anticipates London’s potential to outperform in the future.