office conversions<\/a>\u00a0by square footage, followed by Leeds and Oxford.<\/p>\nLife sciences\u00a0ranked as the largest sector for intended office conversions over the last three years. It\u00a0was the greatest beneficiary in London, with 1.2M SF, and topped the list in both Oxford and Cambridge.<\/p>\n
In Birmingham, the dominant alternative use type was education, with all but one property acquired by education providers to convert into new facilities. Edinburgh\u2019s five office sales for conversion during the period are\u00a0all expected to become hotels.<\/p>\n
The survey covered 11 UK cities: Aberdeen, Birmingham, Bristol, Cambridge, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester and Oxford.<\/p>\n
Overall investment in offices has slumped in comparison with other asset classes, accounting\u00a0for 44% of total UK real estate investment a decade ago but just 26% over the past five years, CBRE said.<\/p>\n
Repurposing of offices still represents a limited proportion of the market, according to CBRE head of UK office research Simon Brown.<\/p>\n
\u201cConversion to other asset types is not the only answer to repurposing secondary offices, as the office market itself is clearly becoming more polarised,\u201d Brown said in a statement. \u201cThe ability to source, and secure, grade A office space is acutely difficult for occupiers, who often find themselves turning to the development pipeline for a solution. Building quality and office location are of the highest priority and, as such, secondary office space presents opportunities for those that are happy to refurbish, as opposed to build.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Secondary offices are increasingly being acquired for conversion in London and beyond. Nearly 6M SF of UK office…\n","protected":false},"author":2,"featured_media":137189,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7757],"tags":[748,59876,393,4884,12308,257,59878,59877,16,15],"class_list":{"0":"post-137188","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-london","8":"tag-britain","9":"tag-cbre","10":"tag-england","11":"tag-great-britain","12":"tag-life-sciences","13":"tag-london","14":"tag-london-office-conversions","15":"tag-office-conversions","16":"tag-uk","17":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114582478158032132","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/137188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=137188"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/137188\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/137189"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=137188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=137188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=137188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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