Deutsche Bank lowered its rating on Workspace Group to “hold” from “buy” and cut the target price to 400p from 480p.
Workspace’s Q4 like‑for‑like occupancy remained flat at 82% while rent per square foot fell 1 percentage point, indicating pricing pressure.
Management is repositioning the platform as a value option rather than cutting rents, a strategy expected to take longer and pressure profitability.
Analyst Max Nimmo noted the update painted a challenging picture, with resilient enquiry but no occupancy gains.