Office-to-residential exemptions to be scrapped

The Government has revealed plans to extend its office-to-residential conversion policy by scrapping the exemptions some councils had from the scheme from 2016 onwards. However, the FT reports that according to the latest figures the amount of available office space across the UK is falling at a record rate due partly to the policy's introduction in May 2013. Figures from Colliers show that 800,000 sq. ft. of office space has been lost in Westminster alone since the policy was introduced, while a further 1.8m sq. ft. of offices in the borough are awaiting conversion to homes. Paul Smith of Colliers said that the policy is adding pressure on an office supply pipeline that is already struggling to keep up with demand.