Latest news with #occupancy
Reuters
4 days ago
- Business
- Reuters
UK's Workspace posts lower first-quarter occupancy as large clients exit
July 16 (Reuters) - London-focused flexible office-space provider Workspace (WKP.L), opens new tab reported on Wednesday a drop in quarterly occupancy, as larger customers vacated its properties, and warned that another major customer's exit will lead to further decline in the second quarter. Workspace has seen property valuations decline since the pandemic, as businesses ditched larger office spaces and opted for hybrid work models. The company leased a monthly average of 93 new office spaces in the quarter, compared to 102 spaces in the prior year. The company, which leases space to small businesses ranging from fintech firms to podcasters and people using AI to write music, said like-for-like occupancy dipped 0.3% to 82.2% in the first quarter. Workspace has been disposing underperforming assets and investing in refurbishing other units to retain occupants. "We have made good progress implementing the pilot projects at two of our high conviction sites, Vox Studios and The Leather Market, to test capital-light, high impact upgrades to our product," CEO Lawrence Hutchings said in a statement.
Daily Mail
4 days ago
- Business
- Daily Mail
Workspace faces occupancy slump as major clients prepare to vacate
Workspace Group is preparing for more major business clients to vacate after the flexible office space provider saw occupancy levels fall in the first quarter. The business told investors on Wednesday it saw more 'larger customers vacating' in the three months to 30 June, with further larger-scale clients expected to vacate in the second quarter. 'Our immediate focus remains on stabilising and, over time, rebuilding occupancy', Lawrence Hutchings, chief executive of Workspace, said. Like-for-like occupancy slipped 0.3 per cent in the quarter to 82.2 per cent. The London-focused group said its like-for-like rent per sq. ft. was 'stable' in the first quarter, at £47.42. The group saw 278 new lettings completed in the quarter, with a total rental value of £7.1million per year. It leased a monthly average of 93 new office spaces in the period, compared to 102 spaces in the previous year. Workspace has seen property valuations fall since the pandemic, as businesses ditched larger office spaces and opted for hybrid work models. The company has been disposing underperforming assets and investing in refurbishing other units to retain occupants. Hutchings said: 'As expected, occupancy declined slightly in the quarter and we have more large vacations to come in Q2. 'We have made good progress implementing the pilot projects at two of our high conviction sites, Vox Studios and The Leather Market, to test capital-light, high impact upgrades to our product. 'We have also seen success in leasing up some of the larger spaces thanks to more targeted marketing initiatives. 'We are confident that these strategic actions, once rolled out more widely across the portfolio, will help us retain and attract more customers.' The group said it had a 'robust' balance sheet with £267million of cash. The company leases space to small businesses ranging from fintech firms to podcasters and people using AI to write music. It owns a portfolio of about 70 properties across London and the south-east of England, providing office space to more than 4,000 businesses. In May, Workspace cut its profit expectations for the next year, citing increased churn of large occupiers and higher costs. Workspace shares fell 1.01 per cent or 4.00p to 393.00p on Wednesday, having fallen over 37 per cent in the last year.
Yahoo
12-07-2025
- Business
- Yahoo
More and more apartments on the way; is this necessary?
Jul. 12—Dear Answer Man: It seems like every week, the Post Bulletin publishes a story of a proposal to build a new apartment building in Rochester. It is hard to believe that the need for more apartments is that great. I would like to know the occupancy rate for all existing apartment units as an aggregate in each of these categories: senior independent living (places such as Shorewood, Madonna Towers, etc.); low-income senior independent living; low-income general apartments; market-rate apartments; and high-end units. — Doubting Dianne. Dear Dianne, Answer Man hasn't been handed a research project this big since he finished that last underwater basket-weaving class to graduate from college. Breaking it down like you've asked is something that the county does. You can read the 2020 "Comprehensive Housing Needs Analysis for Olmsted County, Minnesota," and in the near future (maybe a couple of weeks ... or less), we'll report on the 2025 update to this study, which is expected. That said, the 2020 report showed pretty much every category with 90% occupancy or higher. Another study, the U.S. Department of Housing and Urban Development's "Comprehensive Housing Market Analysis" for Rochester, published in 2022, has more of the same. Some of the key takeaways: * From 2000 to 2020, the number of households has grown from about 71,000 to 92,000, but the percentage of ownership has dropped from 78% to 73.5%. * The vacancy rate (in all apartment sectors) by the second quarter of 2022 had dropped to 4%. * The report's three-year forecast period (bringing us up to 2025) estimated a need for 1,275 new apartment units. * At that time, only 850 were permitted. That last point would be why we so often report that Rochester is in dire need of more apartments. And the demand isn't letting up. Destination Medical Center is a driving force behind Rochester's continued population growth. For three straight U.S. censuses — 1990, 2000 and 2010 — Rochester grew by more than 20% per decade. The 2020 census saw "only" 13.7% growth, but the overall numbers were nearly 15,000 people added. I'd bet a dollar that the 2030 census will see another 15,000 new residents (or more) in Rochester. And that's just Rochester. Byron, Kasson, Pine Island, Stewartville — pretty much every town within 15 miles of Rochester — saw growth in the last census, and each continues to grow. Want proof? Awesome business reporter Jeff Kiger wrote how Black Swan Living recently opened the 65-unit Stone Haven Apartments in Byron. Within a few weeks, it was 70% rented. That was two weeks ago. Another bet? I'd wager the complex is well into the 80% or 90% range by now. Those apartments are — I hate to throw the "upscale" label around, but — really nice. Individual garages. Across the street from a grocery store. Ten minutes from Rochester. So, why aren't people just living in houses? Again, we go to another reporter extraordinaire, Matt Stolle. Part of the increased popularity of apartments is affordability. As Matt wrote in March 2025, "In 2014, the median home price in Rochester was $173,692. By 2024, it had jumped to $319,271 — an 84% increase." The other reason is sort of adjacent to that price information and what you've asked about the different categories. Seniors who want to avoid all the yard and snow maintenance love the idea of independent living (Shorewood, etc.). People just starting out need a place they can afford, even on a working-class salary, and sometimes that's not the traditional single-family home. Hence, the demand for market-rate apartments. Folks who aren't in the market to buy but come to Rochester with a high-paying job seek out those places like The Berkman or Riverwalk apartments. Sadly, those places don't advertise their vacancy rates. In fact, as apartment companies are privately owned, they don't give daily or monthly updates on the availability of units. That said, that HUD analysis noted that while the number of units in Rochester is increasing, so is the average rental price. That economics class I took at good old Answer Man University taught me that if supply is going up, but the price (a function of demand) is also rising, then you don't have enough of what people want to buy yet. When prices start to level off, well, that will be an indicator that we've reached the point to stop building. So plan to read more about new apartment developments. It's the way of the future in Rochester. Got a query? Answer Man will get the facts, rent-free. Send questions to Answer Man at answerman@
Skift
10-07-2025
- Business
- Skift
Minor Hotels Unveils 4 New Brands in Global Expansion Push
The Daily Lodging Report – Asia Pacific will be on a very rare vacation from July 14 to 18. STR reported China hotel data for the week ended July 5th. Hotel RevPAR in China fell by -7.4% year over year, up against what should have been an easy comparison as the week a year ago was down -15%. For the week ending 7/5/25, occupancy was down -5.1% year over year while ADR declined by -2.5%. CBRE issued a report on what new international flight routes mean for Australian hotels. CBRE said that over the past year, they tracked the launch of 56 new international flight routes, adding over 10,500 annual flights into key Australian cities. They believe the increased capacity from core markets, including China, India, Southeast Asia, North America, and the Middle East, will drive the continued recovery in international arrivals. They see this creating demand for potentially 1.9 million room nights annually. Minor Hotels announced the expansion of its brand portfolio with the addition of four new hotel brands. Included in that is the company's first soft brands. Minor said the new brands will support their continued growth by allowing them to expand into new markets and provide distinctive hospitality offerings across the luxury, premium and select segments. The new brands include the Wosley Hotels luxury brand, which Minor said blends British elegance with European flair and global influence. The Minor Reserve Collection is a luxury soft brand for travelers who seek extraordinary stays with each property a world of its own. Colbert Collection is a soft brand in the premium segment and is expected to encompass a global collection of independent hotels designed for those fueled by a passion for culinary excellence and genuine social connection. Finally, iStay Hotels is a select segment brand, with budget-friendly hotel experiences that include the latest tech. The first property announcements for the new brands are expected in the coming months. Anantara Siam Bangkok, considered the original Grand Dame of Thai luxury hospitality, will undertake a comprehensive US$50 million renovation. The hotel originally opened in 1983. The transformation will unfold across two carefully phased stages to ensure uninterrupted guest stays. Phase one will run through November 2025 and will see the reimagining of the Montathip and Kannika Court guest rooms and suites, Garden Terrace Rooms, Kasara Lounge, swimming pool and terrace, fitness center and selected ground floor meeting spaces. Phase two will run from May to September 2026 and will focus on the Garden Pool Villas, Parichart Court guest rooms, Spice Market restaurant, Kids Club, grand lobby, ballroom and all remaining meeting and event spaces. The new Kasara Lounge unveiling will highlight a completely refreshed arrival experience from the reimagined lobby to the lounge. There will be a signature Jim Thompson Suite, six all-new Garden Suites offering private plunge pools, the swimming pool area will be transformed into a tranquil urban retreat, while the wellness center will be updated to a state-of-the-art destination. This renovation is part of Minor Hotels' broader strategy to redefine Thai luxury hospitality across its Anantara Hotels & Resorts portfolio in the Kingdom. ONYX Hospitality Group unveiled its strategic direction for the remainder of 2025, focusing on regional expansion, brand elevation and sustainable long-term growth through the launch of ONXYRT, a new real estate investment trust. The company has 42 properties currently operating across Thailand, Malaysia, China, Hong Kong, Bangladesh, Sri Lanka and Lao PDR. ONYX's goal is to reach a milestone of 50 properties by the end of 2025 and 70 by 2028. They had recent openings in Colombo, Sri Lanka; Vientiane, Lao PDR; and Bangsaen in Thailand for their Amari upper-upscale brand. The OZO upper-midscale brand recently opened OZO Medini. They have renovations and upgrades planned at key properties, including Amari Don Muang Airport Bangkok, Amari Buriram and Amari Phuket. Kasumigaseki Capital Co., Ltd announced the approval of listing investment units of its subsidiary, Kasumigaseki Hotel REIT Investment Corporation, on the Tokyo Stock Exchange Real Estate Investment Trust Securities Market. This is the first developer-related listed REIT in Japan specializing in hotels. It aims to leverage Kasumigaseki Capital's development and operational capabilities to address the domestic hotel market's supply gap. The company offers hotel brands such as 'fav', 'FAV LUX', 'edit x seven', 'seven x seven' and 'BASE LAYER HOTEL' catering to group guests across Japan. Goldman Sachs Alternatives acquired the Mercure Ambassador Seoul Hongdae, a 270-room hotel and mixed-use retail property in one of Seoul, South Korea's business, youth and tourist hubs. The hotel was purchased through a real estate fund managed by Goldman Sachs Alternatives, located in the heart of Hongdae, a neighborhood in Mapo-gu, northwestern Seoul. The property's retail component is anchored by a major Korean retailer expanding its offline footprint. Wyndham Hotels & Resorts announced its second hotel in Bareilly, Uttar Pradesh in India, the Ramada by Wyndham Bareilly. The modern 80-room greenfield development is being developed by local company M/s Ankit Agarwal and was designed to cater to the needs of both business and leisure travelers. Amenities include all-day dining, fitness center, flexible meeting spaces and well-appointed guest rooms. The other hotel there is the Ramada Encore by Wyndham Bareilly, launched earlier in Civil Lines. Construction of the new Ramada by Wyndham is expected to begin shortly, with an opening anticipated in 2028. Hanoi Anpha Real Estate Exchange Co., Ltd has become a major shareholder of Vinaconex ITC, the developer of the Cat Ba Amatina urban-tourism project in Hai Phong City, northern Vietnam. Hanoi Anpha acquired more than 48.4 million shares or a 23.06% stake in Vinaconex ITC. The Cat Ba Amatina project is located on Cat Ba archipelago and is planned to become a green-smart premium urban resort complex including 1,300 detached, semi-detached and terraced villas; mixed use high rise buildings; serviced apartments; luxury resort villas; and various hotel types such as mini hotels, five star hotels, and ultra-luxury hotels.
Zawya
09-07-2025
- Business
- Zawya
Central Hotels & Resorts closes first half of 2025 with 98% peak occupancy
Dubai, UAE: Central Hotels & Resorts , one of the fastest-growing hospitality management co mpanies in the UAE, has reported a strong first half of 2025, highlighted by a peak occupancy of 98% in February, marking one of its best-performing periods since the brand's inception. The impressive performance across the group's three Dubai-based properties—Royal Central Hotel The Palm, C Central Resort The Palm, and Canal Central Hotel Business Bay, reflects growing demand from both international and regional markets, strategic campaign rollouts, and a well-calibrated business-leisure mix. 'The first six months of 2025 have been encouraging and rewarding,' said Abdulla Al Abdulla, Chief Operating Officer & Group General Manager of Central Hotels & Resorts. 'From January through April, we saw consistent high occupancy across our properties, driven largely by strong interest from our key feeder markets, the return of high-impact citywide exhibitions, and our ability to respond quickly with relevant offers.' While February recorded the highest occupancy at 98%, the overall first-half performance remained well ahead of 2024 levels. A significant factor behind this growth was the group's alignment with Dubai's Level 1 exhibitions and conferences, which brought a strong influx of business travellers to Canal Central Hotel in Business Bay. Meanwhile, the leisure segment showed healthy growth, particularly across Palm Jumeirah properties. Central's beachfront resorts welcomed a mix of families, couples, and solo travellers, many of whom were drawn to seasonal promotions like the Limited Time Deal and Getaway Deal, which offered attractive rates and value-adds during peak and shoulder periods. Top source markets for the first half of the year included the United Kingdom, Germany, Saudi Arabia, CIS countries, and the UAE. The average guest stay ranged from three to seven nights, with the majority of guests opting for short escapes or mid-week getaways, indicating strong appeal among both GCC residents and international visitors. Central Hotels & Resorts' performance reflects a strategic synergy between location, segment targeting, and pricing agility. The Business Bay property maintained solid weekday bookings from corporate guests and exhibition delegates, while the Palm-based resorts capitalised on Dubai's ever-growing appeal as a sun-and-sea destination, particularly for the European and GCC markets. 'The beauty of our portfolio is that it caters to a wide variety of guest needs without compromising on quality or value,' Al Abdulla noted. 'Our strength lies in the ability to offer tailored hospitality, whether it's for business meetings, family vacations, romantic escapes, or solo travel, within some of Dubai's most iconic settings.' Looking ahead, the group has already launched winter-themed packages to capture early interest for UAE National Day, the festive season, and New Year's Eve. These offers have shown early momentum, signalling a positive trend for the second half of the year. 'With consistent demand, strong market sentiment, and proactive planning, we are confident that 2025 will close on a high note,' added Al Abdulla. 'We remain committed to innovation, guest satisfaction, and supporting Dubai's vision as a global destination. About Central Hotels & Resorts: Launched in 2015, Central Hotels and Resorts – headquartered in Dubai, one of the fastest-growing Hospitality Management companies in the UAE was established to cater, to both leisure and business travellers looking to experience the best of Arabian hospitality in the heart of the city. With the competitive industry comes our continuous expansions, focused on making our service, facilities, and standards distinctive in the Gulf Region. Product diversification and innovation, sound fundamental values, commitment to excellence, quality service and expansion in key destinations are the hallmarks behind Central Hotels' amazing growth. Spread across the Middle East, the group is now poised to conquer other markets. Created and based in Dubai, Central Hotels offers a full spectrum of choice in terms of hotel categories, a comprehensive selection of accommodations, and services to suit all budgets and clientele.
