Great Portland Estates (LSE:GPE) signed 40 new leases and renewals in the six months to 30 September, generating £19.0 million of annual rent, 4.1% ahead of March 2026 estimated rental value (ERV), the central London office and retail landlord said in a second-quarter business update.
The pace accelerated through the period: the second quarter alone delivered 19 leases worth £5.8 million of annual rent, with market lettings running 5.0% ahead of ERV, up from 3.7% in the first quarter.
Fully Managed lettings, GPE's flexible workspace offer, drove the half-year total, with 23 leases securing £14.3 million of rent at an average £242 per sq ft, 3.1% ahead of ERV for that category.
Fitted and Ready to Fit lettings added a further £4.0 million combined, at premiums of 8.9% and 10.4% to ERV respectively.
A further £9.8 million of rent is currently under offer, with those market lettings running 6.7% ahead of ERV.
"Despite a more volatile macroeconomic backdrop, demand for our premium spaces remains robust, with our Fully Managed offer performing particularly well," said chief executive Toby Courtauld, adding that "high quality space increasingly scarce across our core central London markets" leaves the company well placed to sustain the momentum.
The quarter's leasing included four new deals at 16 Dufour's Place in Soho, taking that Fully Managed building to 70% let, and the pre-letting of two floors at the latest phase of City Tower's conversion in the City of London, where a further 38,000 sq ft is being converted to Fully Managed space ahead of completion in early 2027.
GPE also fully let the offices at Carrington House, a Grade II listed building near Mayfair and Soho, after securing more than 6,900 sq ft of fitted lettings at rents up to £105 per sq ft, a record for the building and 8.1% ahead of ERV.
The company completed its 30 Duke Street, St James's development in September, on time and on budget, with all office and retail space pre-let; investment firm CD&R had committed to the building as its new headquarters more than a year ahead of completion, while menswear brand M.J. Bale and restaurant group L'Eto took the scheme's two retail units.
GPE said 78% of the development's steel frame was sourced from recovered steel, part of the circular economy principles it has applied across the project.
Moody's confirmed GPE's Baa2 long-term issuer rating and stable outlook unchanged following a periodic review in September, which the company said reflects its balance sheet strength and market positioning.
GPE will announce its interim results on 19 November.