Revitalizing the United Kingdom’s stock of secondary office buildings will be critical to meet the country’s growing need for office space in 2025, McGuireWoods London partner Callum Hassall told BE News in a Jan. 10, 2025, story.
BE News asked leaders from across the built environment industry to share their hopes, fears and expectations for 2025. Hassall, who leads the firm’s London real estate team, said he expects the United Kingdom’s commercial real estate market will see a marked shift in focus toward the secondary office sector. Rising demand for office space and limited new supply on the horizon will put increasing pressure on the existing stockpile, particularly outside London.
“A key challenge will be addressing substandard office buildings that no longer meet modern standards,” Hassall said. “Bringing these assets up to a viable, attractive standard will require innovative and cost-effective refurbishment strategies. Investors, developers and lenders will need to adopt a more collaborative, creative approach to revitalise these properties, balancing financial feasibility with tenant demand.”