House Building Drives Up Office Rents.

Permitted Development rights to convert offices to residential use is creating a shortage of workspace according to the RICS Commercial Market Survey Q3. It also reports that office rents are expected to rise at the fastest rate since 1998 over the next quarter.  It says  ‘while permitted development rights is helping in a small way to boost much needed housing supply, the latest survey suggests that it is also having the unintended consequence of contributing to a shortfall of office space’….‘this is particularly marked in London and adding to upward pressure on rents’.

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