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Six Million ft2 of Office Space Lost to Resi

A new report published by the British Council of Offices (BCO) has confirmed what most in the industry already suspected, that vast amounts of office space have been lost to residential conversions in the last year.

According to the report, over 6 million ft² of office space was converted into residential premises in 2014 alone compared to 3.7m ft² during the height of the economic boom in 2008.

The BCO reports that these changes have had a dramatic impact on some of the most important commercial office markets in England, particularly in London. Office-to-resi conversions are now occurring at a faster pace than ever before. If all current planning approvals are implemented, there could be in excess of 100m ft² of office space lost in London alone by May 2016.

The London borough of Islington was identified as being most affected by office-to-resi conversions in the capital. In Bristol, 870,000 ft² of office space has already been granted approval for conversion to residential premises.

Chief Executive of the BCO, Richard Kauntze, made this statement: “With around 6 million sq ft of office space being converted to residential in England in 2014, it is time to take stock and consider the impact of the office-to-residential permitted development right. While the PDR can certainly contribute towards much needed housing, a cautious approach is required.”

Keith Grimley, Business Development Manager at Logic PM, commented: “while the impact of changes to the planning regime is being hotly debated, our focus remains on delivering successful projects for our clients. Whether the project is an office-to-resi conversion, a residential new build or an office fit-out, we are committed to bringing the highest standards of professionalism and expert advice to ensure your project is delivered on time and on budget.”

Logic PM has a strong background of working with commercial buildings, we are well placed to contribute to feasibility studies in this field and to advise on commercial to residential developments. Contact us today to find out more about how we can help with your project. Email [email protected] or call 0203 397 7444.