Arguably, Workspace (WKP) has a unique offering in the world of commercial real estate: it is the only real estate investment trust (Reit) that is also a fully-fledged flexible office landlord.
Tip style
Growth
Risk rating
Medium
Timescale
Medium Term
Bull points
- Unique business model
- Wide discount to NAV
- Values held up amid downturn
- Large target market
Bear points
- High gearing
- Vulnerable to recession
British Land (BLND) and Land Securities (LAND) own a lot of offices and they let some of them flexibly, but their exposure to this niche is diluted by the many other types of property they hold. Derwent London (DLN), Helical (HCL) and Great Portland Estates (GPE) only own offices: they let some on flexible terms, but by no means all of them. WeWork (US:WE) and IWG (IWG) only provide flexible offices, but they are not landlords.