Approximately 5.9 million square feet of U.K. office stock was sold between 2022 and 2024 for £3.44 billion ($4.6 billion), with the intention of converting to a range of alternative-use types, according to CBRE.
Predominantly driven by the growth of other sectors and evolved ways of working, the dominance of offices by real estate investment performance has reduced. According to CBRE’s research, offices accounted for 44 percent of total U.K. real estate investment a decade ago, compared to 26 percent during the past five years. The emergence of multifamily housing has boosted residential investment volumes to £11 billion ($15 billion), on average, per year, during the past five years, as the living sector continues to evolve.
As a result, some lower quality offices that have remained vacant for long periods are being repurposed for other uses. In London, 3.3 million square feet of stock at £2.5 billion ($3.4 billion) was sold between 2022 and 2024 for conversion
