Localism Bill Could Stifle Need for Office Space
The creation of new office space could be limited by the GovernmentΓÇÖs Localism Bill according to property experts, with the possibility of parochialism and a ΓÇ£not in my back yardΓÇ¥ attitude suffocating major office developments in the future.
Reporting on the reaction to the Localism Bill in the South West, Insider spoke with the property roundtable in the key office market of Bristol, where concerns were raised over the ability of the property industry to deliver both business and residential capacity under the localism drive.
ΓÇ£This move towards localism throws up questions about who is going to deliver strategic employment landΓÇ¥ stated Ned Cussen, Partner at commercial property firm King Sturge.
ΓÇ£ItΓÇÖs simply not provided for. There is a suggestion that is might come through the LEPs, but itΓÇÖs pretty thin on detail. The whole point about the LEPs is that Eric Pickles has said: ΓÇÿthere you are, get on with itΓÇÖ. But the fact is there are no rules now. IΓÇÖm seriously worried.ΓÇ¥
With other commercial property agents such as Savills reporting a diminishing supply of Grade ΓÇÿAΓÇÖ office space, along with a drought in the number of new office buildings active within the development pipeline ΓÇô the arrival of the Localism Bill could stifle the office market further.
ΓÇ£The bill is high on principle with neighborhoods creating their own plans and granting development consents surprisingly low on the detail of how this is to be achieved practically and fairly.ΓÇ¥ explained Rob Lucas, Chief Executive of planning consultancy Turley Associates who also expressed his concerns over the impact of the Bill.
So will the Localism Bill lead to less of the office space being built in the areas it is most needed? And would the continued shortage of Grade ΓÇÿAΓÇÖ Office Space eventually impact upon the economy by failing to meet the requirements of big business ΓÇô restricting their ability to enter regional cities or forcing them to look for alternative office locations abroad?