Grade B office interiors 'could be upgraded'

Office design news from Morgan Lovell

Published on 20-05-2010

A lack of availability in the grade A office space category could be addressed through the upgrade of many grade B properties, it has been stated.

Head of City Agency at Jones Lang LaSalle Dan Burn said that at the end of the first quarter of the year, the total supply of grade B office space in London reached 40 per cent of the total market - ten per cent higher than in the same period last year.

"Upgrading grade B product to grade A standard seems a logical, relatively low-risk opportunity to bridge this supply gap before new build developments reach completion," he commented.

He added that the impact of the credit crunch and the subsequent recession has resulted in a lack of new developments in recent years.

Meanwhile, British Land recently announced it is to get underway on three new office projects in the capital, which in total will see the creation of 1.2 million sq ft of new modern office design space in the city.

Sites that have received the go-ahead for construction at Regent's Space, Broadgate and Baker's Street, with the project costing the firm approximately £500 million.

Posted by Adrian Norman.