I
t’s understandable why investors have steered clear of commercial property stocks given how hard the sector has been hit from high inflation, rising interest rates and uncertainties around the full return to the office. But British Land’s first-quarter trading update seemed to alleviate some fears yesterday after Simon Carter, the group’s boss, said it had “continued to see strong operational momentum” despite macroeconomic uncertainties.
The FTSE 250 company, which was recently demoted from London’s senior index, leased 552,000 sq ft of space across its portfolio in the first quarter, 11 per cent ahead of its estimated rental value, and has another 1.2 million sq ft of its portfolio under offer. British Land, whose portfolio was valued at £13 billion at the end of March,
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