Unlikely saviour

At the same time, only one step away from the money guys, other seasoned commentators predict the opposite with office space bleeding value, rents spiralling downwards and the vacancies, reduced commercial activity and tax revenues threatening the fabric of our cities, turning them into incubators for crime and antisocial activity.

There is a bright side to the bear market in offices, in fact it could be the saviour of some cities if wisely managed, and it revolves around the opportunities to repurpose skyscrapers as residential properties.

Office buildings need to be carefully configured to use the deep floorplates that absorb daylight, and the residential demands for drainage, heating and cooling are very different. Planning constraints will need lifting, and some regulations might need re-interpretation, but local authorities are always keen to provide housing, especially in the city centre, and even better if it is affordable. At its best this is an opportunity to rebalance cities to accommodate people again, next to the education facilities, theatres, restaurants and workplaces that have always been there.

This potential shift in the market centre of gravity has been mooted for over a decade each time office demand looks like waning, but until now the take-up has been minimal. The political changes have not been put in place, and offices rents have continued to bounce back, but it is just possible that COVID might have saved our cities.

s teve g a L e is head of business intelligence at m moser assocIates

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