Business
Positive Update on Office Use
Positive Update on Office Use.
About this update from Regional Reit Ltd.
[{"type":"text","content":"\n \n \n 14 February 2023\n \n \n REGIONAL REIT Limited\n \n \n (\"Regional REIT\" or the \"Company\")\n \n \n \n Positive Update on Office Use\n \n \n \n Regional REIT, the regional office specialist, is pleased to disclose, from its own tenant data, that virtually all of its tenants have returned to their offices over the last year.\n \n \n The Company's significant regional office portfolio comprises 156 buildings with 1,042 high quality tenants, geographically spread across the country in the Company's identified growth regions, outside London.\n \n \n As at 30 November 2022, 99% of the Company's tenants had returned to the office in some form, with only 12 tenants still to return. Two of these being the Scottish Government, which has already signed lease extensions. This is a significant increase from 1 March 2022, where the Company's data collection confirmed only around 30% of its tenants had returned to the office.\n \n \n There are a variety of ways in which the Company's offices are being utilised, with hybrid working being the most popular. The vast majority of tenants are in full attendance three days per week, Tuesday, Wednesday, Thursday, and for many this is four or even five days per week. In terms of hybrid working, Regional REIT's data suggests that the majority of staff are being encouraged to work from the office on the same days to foster collaboration.\n \n \n \n Stephen Inglis, CEO of London & Scottish Property Investment Management, the Asset Manager to Regional REIT commented:\n \n \n \n \n \"The study of our portfolio has been very interesting, with a mass return of staff being observed across large swathes of our properties. Staff numbers back in the office increased from some 30% in Q1 2022, to 99% in Q4 2022. Most of our occupiers are encouraging their staff to be in the office the majority of time.\n \n \n \n \n \"In the UK regions where commutes tend to be simpler and shorter than the London area, the trend remains towards more people being in the office more of the week. We expect this momentum to continue through 2023, until employers and employees strike the right balance for them between WFH and WFO.\n \n \n \n \n \"We are of the opinion that by the end of 2023 this will have played out, with the majority of regional employers adopting a more even split of either: four days in the office an...