Investors have pumped £2bn into converting unwanted London offices for new purposes as the shift to working from home reshapes the market.
They have snapped up £1.3bn of central London offices with plans to convert them to new uses since the start of last year, according to CBRE. Another £700m of deals are under way.
The deals cover 2.2m sq ft and nearly 10% of new investments as the property sector tries to adapt to the changing environment of hybrid working.
“It is a significant proportion of London investment volumes in today’s market,” said Ed Bradley, head of London office investment at CBRE.
He added that the scale of investment in “conversion of secondary offices to other uses is fairly unprecedented”.
