Why developers are snapping up billions of pounds worth of unwanted offices
These offices, which are usually older and require expensive renovations, have been converted into everything from hotels and flats to laboratories and student halls.
Between 2022 and 2024, 5.9 million sq ft of office blocks — equivalent to about 12 of the Gherkin building in the City — were sold for £3.44 billion to developers wanting to convert them into alternative uses, data from CBRE, the property agent shows.
Since the pandemic there has been a 'flight to quality', with businesses increasingly wanting to base themselves in the most modern, eco-friendly buildings close to major transport hubs.
That has left a glut of 'secondary' office space sitting empty that landlords are struggling to let and so they are open to offers from developers intent on changing the use.
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