Commercial landlord Segro signed £18m of new headline rent during the first quarter of 2021, marking a strong start to the year.
The FTSE 100 firm saw a 13 per cent increase in the vacancy rate to 4.4 per cent, driven by taking back space for refurbishment in its highly sought after London and Paris portfolios.
New headline rents on review and renewal were up more than 12 per cent as ongoing asset management continued to capture potential from its portfolio.
Meanwhile, there was £11.3m of new, unconditional pre-let agreements in the first quarter compared to £5.7m a year earlier.
Daniel Sleath, chief executive of Segro, said that the firm has been able to secure further land to extend its future development pipeline.
“Our sector continues to benefit from highly supportive and structural tailwinds, and we therefore remain confident in the outlook for the business as well as our ability to drive further sustainable growth in rental income, earnings and dividends over the coming years.”