The reduction in office supply has continued to accelerate in the last quarter of the year with a number of significant office lettings, but also sales to development companies looking to profit from the relaxation in planning laws.
Permitted development rights now allow office conversions to residential dwellings without the need for planning permission or S.106 contributions. There is a limited period of three years (ending 30th May 2016) for developers to take advantage of these amended planning laws.
Secondary offices have also been subject to interest from developers for alternative uses such as hotels and student accommodation.
Availability now stands at approximately 1.55 million sq ft.