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It is not a secret that millions of square feet all over London have been converted into residential. It’s happening everywhere, where you both live and work will surely be surrounded by the endless banging of scaffolding being put up and cranes blocking out your morning light as more building get converted to residential. Why is this happening you ask? With the demand for residential property so high any landlord is making the jump over to maximise theirs properties value.
How long can this go on for? Well the first signs that the market maybe turning are showing up. A lot of the conversion and new builds in London are very high – end which makes you think who can afford all these Mayfair and St James apartments? But it is not just the high end areas which are feeling a decrease in the take up of new residential space. The new build development set around the Battersea power station is not seeing the level on off the buyers that was expected causing huge delays and cash flow problems for the development.
Eugene O’Sullivan a managing director and chartered commercial surveyor at Morgan Pryce say “the office to residential conversion has put a very dark cloud over the commercial property market and if the demand isn’t as high then more office should remain offices which will help tenants in the commercial market.”
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.