Since 2017, 325,328 sq ft of office floorspace has been lost to residential development. This comprises developments that have been completed or are currently under construction. This includes the conversion of existing floorspace via Prior Approval and the total redevelopment of sites. This loss of stock to residential use equates to 12% of the Central Milton Keynes (CMK) office stock at the end of 2022.
The drivers for change of use to non-employment uses will vary from project to project. Common is likely to have been the increased value associated with a residential use. However, considerations will also have included the ease of the Prior Approval process, making it a good option, finding an alternative use for vacant buildings, particularly those first generation offices in need of refurbishment, and the level of associated investment.
Whilst these decisions will continue to be relevant, particularly in light of the EPC requirements, the removal of permitted development rights means that owners will have to apply for planning consent for any future changes, which is likely to be a disincentive to some.
