Great Portland warns of fall in demand for space

Great Portland Estates (GPOR) is braced for a worsening in rent arrears later this year after collecting just 71 per cent of rent due in respect of the second quarter, with retail and leisure tenants accounting for the majority of the shortfall. “It is clear that we must plan for a recession with an increase in unemployment, leading to reduced occupational demand for space, implying falling rental and capital values,” said chief executive Toby Courtauld.