Office-to-resi conversions jump by a quarter
The volume of offices being converted into residential properties jumped by a quarter last year, as a workplace exodus continued.
The number of office buildings approved for conversion to housing increased by 24% year-on-year to 1,180 from 950, according to analysis by law firm Boodle Hatfield.
The firm said developers and landlords had sought to find an alternative use for unused office space as the pandemic pushed companies to cut back on their traditional workplaces.
The volume of offices being converted into residential properties jumped by a quarter last year, as a workplace exodus continued.
The number of office buildings approved for conversion to housing increased by 24% year-on-year to 1,180 from 950, according to analysis by law firm Boodle Hatfield.
The firm said developers and landlords had sought to find an alternative use for unused office space as the pandemic pushed companies to cut back on their traditional workplaces.
However, the study suggested developers are having to jump through more hoops to have their applications accepted. Just 15% of office-to-residential applications needed no approval last year, compared with 18% in 2020, 20% in 2019 and 22% in 2018.
Andrew Wilmot-Smith, partner in the commercial real estate team at Boodle Hatfield, says: “With businesses adopting new models of working, developers are making use of excess office space to deliver much-needed housing.
“Local authorities and developers need to work together to ensure that vacant office space is put to good use. Any office space converted to residential property needs to be high quality, sustainable, and up to appropriate health and safety standards.”
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