The City of London plans to fast-track applications to convert unused older offices for new purposes such as hotel development.
With many businesses switching to a hybrid or remote model of working since the advent of the pandemic, many offices in the Square Mile have become vacant and unused.
The City of London revealed its intention to reinvest in infrastructure to avoid a portion of its buildings becoming ‘stranded assets’.
Paul Jayson, partner at global law firm DLA Piper UK, said: “The rise of hybrid working has fundamentally changed the dynamics of office spaces, with employees having more control over their presence in the workplace.
“With projected demand for high quality office space projected to grow over the next decade and with fierce competition for environmentally friendly spaces, owners of offices which do not meet minimum energy efficiency standards may consider retrofitting their buildings to raise their sustainability credentials.“
He added: “For many buildings, this may prove to be too costly and owners may seek to repurpose older buildings for other uses such as hotels which would still align with the City’s ambitions to remain a renowned business centre.”
