Workspace Group (WKP) Q2 2027 TU earnings summary

Executive summary

• Strategy centers on Unfurnished and Furnished products, a new pricing model, Case Study refurbishments and a refreshed brand; occupancy and rents remained resilient amid quieter customer activity.

• Customer retention supported occupancy, while space held back for Furnished fit-outs and new lettable areas temporarily reduced reported occupancy.

Financial highlights

• Total rent roll fell 1.1% (£1.4m) QoQ to £126.6m; excluding disposals, it declined 0.6% (£0.7m).

• Stabilised rent roll decreased 0.5% (£0.6m) to £109.7m; rent rose 0.4% to £46.13psf as occupancy fell 0.5pp to 82.8%.

• Total Portfolio rent was up 0.1% to £42.71psf, while occupancy fell 1.0pp to 79.2%; rent roll decreased 0.6% to £126.6m.

• Q2 completed 227 lettings and 96 renewals, generating £7.9m rental value, versus 326 lettings and 124 renewals and £10.8m in Q2 2025/26.

Outlook and guidance

• Target remains £200m of disposals by March 2027; £138.3m completed since March 2025, with over £50m of assets under offer and close to £200m in active discussions.

• A further £100m+ of potential disposals is unlikely to be fully achieved by March 2027; transactions may take longer as pricing expectations diverge.

• First five of 24 Furnished units are expected in November 2026, with the remainder by December; 100+ further units are expected in 2027.

• Case Study refurbishments are expected to complete in H2 2027, adding over 120 Furnished units; marketing and leasing are planned before practical completion.