UK Housing Policy Leads to Loss
The Financial Time indicated that in 2014, England lost more than 6m square foot of office space. This was the result of a new government policy intended to boost the supply of new housing.
In 2013 the rules were temporarily relaxed which made it easier for property developers to convert empty office spaces into new homes. However, a large proportion of these were part occupied offices which spread anxiety regarding businesses being evicted.
This rule saw 7,600 new homes being created in 2014, but at a cost of a shortage of office spaces according to research by property advisers CBRE for the British Council for Offices.
The rule, which is due to end in May 2016, is being reviewed by ministers this autumn and it is widely expected that an it will be announced that the rule will become permanent, despite widespread opposition.
So what does this mean for our UK offices?
The amount of available office space across the UK is falling at a record rate, partly as a result of the policy’s introduction, according to figures from the Royal Institution of Chartered Surveyors published last year.
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