derwent london plc said thursday that firstquarter letting activity rose on year and that its vacancy rate improved the propertyinvestmentanddevelopment company said firstquarter letting activity totaled 171 million pounds 215 million compared with gbp39 million in the prioryear period letting activity was at an average of 66 above the estimated rental value at the end of 2022 it said the company said the epra vacancy rate of the portfolio was at 49 as of the end of the first quarter compared with 64 as of december with gbp18 million either signed in the second quarter to date or under offer london particularly the west end is busy and people are back in the office occupier demand continues to favor amenityrich well designed and sustainable space evidenced by a strong first quarter chief executive paul williams said shares at 0704 gmt were up 12 pence or 05 at 2366 pence