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Between 2022 and 2024, nearly 6 million square feet of office space across the U.K. was sold for conversion into alternative uses, with deals totaling approximately £3.4 billion. London was at the forefront of this trend, accounting for over half the converted space and the majority of the capital invested, according to BisNow.Â
In the capital alone, 3.3 million square feet of office properties were purchased for transformation into sectors such as life sciences, hospitality, student housing, and residential developments — amounting to £2.5 billion in value. Life sciences developments saw the strongest demand, particularly in London, Oxford, and Cambridge, where they consistently ranked as the top use for repurposed offices.
Outside London, Cambridge led the charge in terms of total space earmarked for conversion, followed by significant activity in Leeds and Oxford. Different regions showed varying preferences for end uses: educational institutions dominated acquisitions in Birmingham, while all five office properties sold for conversion in Edinburgh are expected to become hotels.
Over the last decade, the office sector’s share of U.K. property investment has declined sharply—from 44% to just 26% in the past five years. While conversions are gaining traction, they still represent a relatively modest share of the total market.
This underscores a growing divide within the office sector itself. With top-tier, well-located office space in short supply, many businesses are turning to new developments.Â
Meanwhile, older or lower-grade offices offer opportunities for investors willing to modernize or repurpose them, rather than build from the ground up.
