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Nigel TAYLOR Published
November 16, 2025
Demand for Great Portland Estate’s (GPE) retail and office spaces has grown as workers return to central London, boosting the capital-centric property company’s outlook.
“We are positioned strongly for [the] return of the cycle”, it said in Thursday’s results statement covering the half-year to 30 September.
But despite the bullish update, GPE is still weathering a tough market that has seen property values dip over the last couple of years and reported a 10.3% decline in the current value of its portfolio. That was driven by a 12.4% decline in the value of its retail properties, despite them being in some of the prime spots of the West End of London. The value of the portfolio was £2.3 billion.
But the good news is that the landlord said 75% of workers have returned to offices across its portfolio in the West End, with the number rising to 93% near Elizabeth Line stations… which is clearly good news for retailers.
It said market lettings were on average 13.4% ahead of March 2025’s estimated rental value with an annual rent role of £11.2 million.
Chief executive Toby Courtauld said: “Whilst macro-economic concerns and rising interest rates impacted our property valuation, the fundamentals in our leasing markets remain healthy. With customers increasingly demanding the very best, sustainable spaces, and discounting the rest, they are competing in a market increasingly starved of new, Grade A supply, putting further upward pressure on prime rents and we have upgraded our rental growth forecasts for the second half.
“With GPE in great shape, and London set to outperform, we look to our future with confidence.”