Question

To ask Her Majesty’s Government what assessment they have made of the costs of renting office space in cities, especially London, and of the effect on those costs as more previously disused office space is converted into new flats.

BIS constantly review occupancy costs through effective data management utilising best in class market advisors to provide current market rental evidence. London particularly has seen an increase in office rental values driven in part by the demand for alternative residential use. BIS have adopted strategies to mitigate the costs resulting in a cost per person and space utilisation being lower in London than regions.

A BIS 2020 Estate strategy is currently being developed to maximise the efficient use of office space across the office portfolio. The new estates strategy will drive significant reductions in floor space and coupled with greater emphasis on online working will deliver substantial savings over the spending review period.