Barclays restated their underweight rating on shares of Workspace Group (LON:WKP – Get Rating) in a research note issued to investors on Monday morning, Marketbeat reports. Barclays currently has a GBX 800 ($10.53) price objective on the stock. Several other equities analysts also recently commented on the company. Royal Bank of Canada restated an outperform […]
Availability of office space in London is almost at 20-year record levels
Workspace Group PLC (LON:WKP) has been double-downgraded by Barclays, who said too much reopening optimism was priced into the flexible office group s shares.
Analysts at the bank noted that after office take-up collapsed in all London sub-markets in 2020, vacancy rates have roughly doubled with City sub-markets now at nearly 11% and availability of space is almost at 20-year record levels.
Barclays moved two marks down to an underweight rating on the shares from the previous overweight , cutting its share price target to 700p from 745p.
Workspace s last update in January revealed resilient customer demand in the latest lockdown, though an average of 672 enquiries per month in the quarter compared to 1,001 a year earlier and 109 lettings per month was down from 113.