Over 4 million square feet of London office space converted to other uses.
H2SO research shows a loss of 4 million square feet of West End office space over 10 years.
Research has shown that over 4 million square feet of office space in Westminster has been converted to accommodation.
1 million square feet of this space was converted to leisure, hotel and residential accommodation.
Research agent H2SO published papers today that show the shift from building office space to more residential accommodation. The research spans from 2001 to 2009.
“The trend for office buildings in London’s West End being converted to other – primarily residential – uses gained momentum more than a decade ago when Westminster council instigated a policy of not renewing the ’temporary’ office planning consents that were granted on many buildings after the second world war,” commented Paul Smith, partner at H2SO.
The research also show a parallel loss of office developments in prime locations in the capital to office developments in neighbouring smaller areas to the West End.
H2SO have also said that they believe this trend will continue as there are around 1.8 million square feet worth of planning commissions currently lodged with Westminster; all for schemes that involve converting office space into other facilities.
“While on the face of it this apparent loss of stock might appear to be bad news for the West End office market, it should actually be welcomed as it repositions a whole raft of buildings back to their appropriate use, brings new life to them,” commented Paul Smith.
H2SO have been working as property consultants since 2009. The company sees itself as an alternative to larger property agents and has advised on over £600 million worth of investment in its first year.