Office interior vacancy reduced for Segro

Office design news from Morgan Lovell

Published on 25-02-2011

Office interior firm Segro cut back on its group vacancy from 13.5 per cent to 12 per cent in 2010.

The firm's chief executive Ian Coull told the Financial Times that the organisation had seen "renewed activity" in many of the countries that it operates in.

As a result, the company saw the value of its portfolio rise by 1.9 per cent overall, although its European value witnessed a 3.9 per cent drop.

However, its assets in the UK, which are boosted by property near Heathrow, saw a notable fluctuation through the course of 2010, with their value rising by 4.4 per cent.

The decision to make the cutback on high vacancy levels was attributed to the takeover of rival business Brixton.

Overall profit was up to £127.3 million - marking a 22.1 per cent increase that saw shares trading at 17.1p.

News of Segro's performance comes after Savills announced that rents in London grew by 11.5 per cent in 2010.

Posted by Adrian Norman