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With office vacancy being consistently at historic lows the latest market research reports show no surprised with West End office vacancy’s at only 3%. This drought in supply has hugely been caused by a change in planning to allow office to residential development across London without the restrictions which were once in place. Although this problem has been identified and action is in motion to stop this drain in office space as a mass portion of it has been converted to residential, there has been talk about these plans being delayed or even stopped and there being an extension on office to residential permitted development rights.
Commercial property industry professionals have urged councils not to let this happen in fear it will take away the remainder of the commercial office market. Any decisions have now been put on hold until September. Teresa Beatty a commercial surveyor at Morgan Pryce said “The market is already at breaking point with most business finding their rent will either double – triple when renegotiating a lease or experiencing rent reviews after a 5 year term.”
As companies are no longer able to afford the same areas they are now spreading further out of zone 1 and into predominantly residential areas. This will show office prices continue to rise and long term over take residential as the demand intensifies.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.