Great Portland Estates on Thursday said businesses are shrugging off political uncertainty and signing up new headquarters, helping to boost its property empire.
Boss Toby Courtauld said just 150,000sq ft of new West End offices being built by his firm and other developers are available between now and the end of 2020. The rest has been pre-let.
Courtauld said firms know they must act fast to plan for growth. He said: “We are looking down the barrel of a supply shortage.”
The value of GPE’s estate rose 0.8% to £2.6 billion in the six months to September 30. Pre-tax profit rose to £44.4 million from £40.4 million.
That contrasted with numbers this week from Landsec and British Land whose retail arms dragged down their total property portfolio values.
GPE is less exposed to retail and most of its shops are on Bond Street and Oxford Street where footfall remains high.
Liberum analyst Tom Musson said: “First half results confirm a continued stable London office market.”
