Great Portland Estates has secured £19M of annual rent from new leases and renewals in the first half of its financial year, with deals increasingly outperforming rental expectations, the company said.

The London-focused landlord signed 40 leases and renewals in the six months to September, achieving rents averaging 4.1% above estimated rental value and picking up pace after second-quarter lettings were 5% ahead of ERV, up from 3.7% in the first quarter.

A further £9.8M of annual rent is under offer at an average 6.7% above ERV. GPE Chief Executive Toby Courtauld said demand for the company’s premium workspace remained robust, with its fully managed flexible office offering performing particularly well.

GPE's shares rose more than 3% following the results, higher than the FTSE 250 index, of which it is a part.

“Despite a more volatile macroeconomic backdrop, demand for our premium spaces remains robust, with our fully managed offer performing particularly well … and with high-quality space increasingly scarce across our core central London markets, we are well positioned to maintain this momentum,” Courtauld said in a statement.

GPE secured £14.3M of annual rent through 23 fully managed leases during the half, at an average of £242 per SF, with those deals 3.1% above the estimated rental value for that product.

In Soho, GPE signed four leases at 16 Dufour’s Place, generating £2.4M of annual rent across 9,300 SF at an average of £256 per SF, and the refreshed building is now 70% let.

GPE is also expanding its managed workspace proposition in the City. At City Tower, two floors of the latest conversion phase have been pre-let ahead of completion in early 2027. The deals cover more than 4,300 SF and were boosted by demand from businesses in software and artificial intelligence-related sectors, GPE said.

The next phase will convert another 38K SF to fully managed workspace, adding a gym, an improved entrance, and a lounge and coffee bar. The completed building will offer around 80K SF of flexible workspace.

The quarter also saw GPE complete its 30 Duke Street development in St James’s, with all office and retail space pre-let. Investment firm CD&R has taken the headquarters space, and Australian menswear brand M.J. Bale and restaurant L’Eto will occupy the retail units.