9 September 2015

Office-to-resi PDR leads to huge loss of office stock in London

Measures introduced by the government to allow offices to be converted to residential without planning permission led to the loss of over 6m sq ft of office space in England last year according to a study by the British Council for Offices and CBRE reported in Property Week.

With the government expected to announce an extension to the Permitted development rights scheme (PDR), which expires in May 2016, the report showed the policy has led to a substantial loss of office space – but also the supply of 7,600 homes, which was more than originally envisaged.

London has been particularly hard hit, with office-to-residential conversions now occurring at a faster pace than ever before with 2.7m sq feet of office space lost to residential conversions since May 2013.

British Council for Offices logo

 

Interested in working with us?

You can either send us your property enquiry now or speak to an advisor who will be able to help you further