THE CHIEF of one of London's biggest flexible hybrid providers, Workspace, said rival Wework has done a "lot of good things" for the sector as the chain emerges from Chapter 11 bankruptcy.

But Workspace's outgoing boss, Graham Clemett, told City A.M. Wework had made flexible working a "much more mainstream product".

Clemett, who will step down as chief next January, said he does not see its rebound as a threat.

Throughout the year to March, the business completed 1,238 lettings and 705 lease renewals worth £53.3m. On a like-for-like basis, the company's rent roll jumped 9.6 per cent.

The firm hiked its dividend 8.5 per cent to 28.0p per share.

Clemett said he expected rental growth this year to be slightly slower but noted a "vibrancy and strength of demand" for the space in its business centres across London.

Shares jumped following the results to close up 6.17 per cent.

£126m NET RENTALINCOME 2023 £116m NET RENTALINCOME 2022

(c) 2024 City A.M., source Newspaper