Centuria Office REIT (ASX:COF) buoyed by upturn in leasing activity

Company News

by Michael Luu

Office property landlord Centuria Office REIT (ASX:COF) has presented an optimistic outlook, based on data about leasing performances in the March Quarter.

COF Fund Manager Grant Nichols has attributed the upturn in the fund’s leasing department to employees’ return to offices across capital cities in Australia, as state and federal governments ease restrictions to levels close to the pre-pandemic era.

Mr Nichols explained the advantages of on-site interaction in an office environment over virtual meetings, “It is becoming increasingly apparent that many organisations recognise productivity that results from in-person collaboration cannot be replicated virtually, and employee isolation has a detrimental impact on an organisation’s culture and staff wellbeing.”

Australia’s only pure-play office fund has steered its full year funds from operations (FFO) estimate to the upper region of 19.7¢ to19.9¢ per unit.

Shares in Centuria Office REIT are tracking 0.5 per cent lower at $2.08