Office Refurbishment Of Grade B Buildings

A recent report released by property agent Jones Lang LaSalle suggest that the rising demand for office space in the centre of major UK cities such as Birmingham, Manchester and London could be supported by a refurbishment of Grade B office space rather than the development of brand new offices.

Rather than creating new Grade A offices – the refurbishment of Grade B offices could provide a cost effective solution of bringing office space to companies as well as filling previously unused buildings. The office refurbishment report released by property agent Jones Lang LaSalle suggested that the ‘credit crunch’ caused many construction companies to put office construction projects on hold – as such the development of buildings fell by over 60% between 2007 & 2009 However he goes on to suggest that in the wake of this development crisis there is a distinct gap that could be filled by Grade B office refurbishment.

Jonathan Fear, head of JLL’s national offices team in Birmingham, said: "Refurbishment has not been widely considered as a strategic option - yet - but should one or two large office requirements transact on existing space the market dynamic could quickly change." Mr Fear added, “Upgrading Grade B space to Grade A standard is a logical, relatively low risk opportunity to bridge any supply gap.

Where supported by market fundamentals, this repositioning approach will be compelling and we would expect to see developers pursue this strategy.”

For information on office refurbishment projects, contact Site Services UK on 0844 736 1414 or via the contact page