Property investment specialists Fabrik Invest have spoken out about the importance of balancing residential development in city centres with commercial premises in the post-pandemic world. City centres have been hit incredibly hard not only by successive lockdowns but also by the reduced footfall resulting from a far higher incidence of home working throughout the pandemic. According to Fabrik Invest, this puts an onus on developers and investors to take an active role in keeping urban centres alive.
By March 2020, just 29% of high street addresses were retailers. Squeezed salaries and the shift to online shopping have been two of the key reasons behind this, both of which have been significantly exacerbated by the pandemic. The closure of offices and the shift to students studying online has intensified the problem, due to the huge drop in the number of those passing through town and city centres. For retail units, footfall is everything
People’s changing preferences have also had an impact on town centres in recent years. While the pandemic has served to push people towards country living, that followed a boom in demand for city centre homes, which is likely to pick up once more as the vaccine roll-out continues and we look forward to a post-pandemic return to relatively normal life.
The planning law relaxation allowed people with B1 office space to convert it into residential accommodation without the need for a full planning application, provided they stuck to national framework guidelines. The move led to a lot of unused office space being turned into homes and continues to do so to this day. Fabrik Invest regularly offers such developments for investment.