British high streets and London office markets face structural challenges

British high streets are facing significant challenges, including diminished footfall driven by the rise of online retail and restrictive local council policies. Factors such as high parking charges and the approval of out-of-town retail parks are cited as deterrents for shoppers. A Welsh government report noted that three-quarters of town centre business workers attributed declining footfall to restrictive parking policies.

In London, the commercial property market is grappling with a high number of empty listed buildings. To address this, Mayor Sadiq Khan is encouraging a “retrofit-first” approach to reduce empty commercial space. This shift is influenced by upcoming Minimum Energy Efficiency Standards (MEES), which will require large commercial properties to achieve a minimum EPC B rating by 2030. Retrofitting heritage assets offers opportunities to combine historic design features with modern professional needs, potentially boosting employee wellbeing and reducing carbon emissions.