5 February 2024

GPE Investor and Analyst Flex Office Session

Great Portland Estates plc (GPE) recently held a Zoom Session providing a deeper dive on our Flex office activities. The presentation highlighted that:

·    Flex is the default choice for sub 5,000 sq ft office space: 57% of West End lettings are sub 5,000 sq ft¹ 

·    The Flex market is sizeable and growing: expected to be 50m sq ft by 2028¹ in central London

·    The customer base is diverse & broader than just SMEs: 57% customers expected to have 10%+ in Flex space by (2028)¹

·    Customers are paying us a premium for hassle-free spaces: +103% net effective rent beat²

·    Flex will create income and valuation growth for GPE: +195% growth in NOI by 2028³

·    We have strong growth ambitions: 1m sq ft Flex portfolio

As a result, the provision of Flex space is increasingly a prerequisite for maximising returns from smaller central London spaces.

A recording of the call is now available on our website: www.gpe.co.uk/investors.

1. CBRE, Instant Offices  2. GPE Fully Managed LTM    3. Committed Fully Managed space by 2028

For further information see www.gpe.co.uk or follow us on Twitter at @GPE_plc

LEI Number: 213800JMEDD2Q4N1MC42