West End office space increasingly converted to homes
NEW research has shown the vast amount of office space in London’s West End that has been “lost” to the residential market.
Over 200,000 sq ft of office space in the West End was converted to homes in 2010, and figures from the first quarter of 2011 show the rate of conversions increasing.
The research comes from property consultants H2SO and is an update to a report they first carried out last year. Using data from Westminster Council’s planning office, HS20 has calculated that 3.1million sq ft of office space was converted to residential use between 2001 and 2010.
The strength of property prices in the West End is thought to be a key driver behind the change.
H2SO partner, Paul Smith, comments: “As high-end residential values continue to outstrip their commercial counterparts, it is inevitable that an increasing number of property owners will continue to explore the option for residential conversion. This update demonstrates that the rate of conversion is not abating and is, in fact, due to start accelerating.”