Expert says cost of renting prime office space is rising

Andy Hodgkinson
Andy Hodgkinson

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A COMMERCIAL property expert has said that a rise in remote working may be contributing to a squeeze on office space availability.

Andy Hodgkinson, director of office agency for Lambert Smith Hampton on the south coast, said: ‘We have also seen a large amount of office space converted to alternative uses such as student accommodation, or repurposed for hotel or residential use.

‘This loss of office space, along with the refurbishment of existing buildings to “Grade A” quality and new build offices being almost non-existent, is contributing to a rise in prime rents to more than £20 per sq ft.’