In London, a housing crunch is creating a new trend of converting old office spaces into housing. The majority of the city's new housing developments are actually old office spaces.
The new trend is covering the majority of the market with converted office buildings. And as the conversions move into upscale neighborhoods, the new residences are some of the city's most expensive.
"90% of residential development in the capital is on ex-commercial sites, and estimates that 500-600 conversion schemes are currently being undertaken, according to Tim Craine, a director of London Development Research, a company that advises developers and investment companies on property issues"
"The explanation is simple: according to estate agency Knight Frank, the price of residential property in prime London locations has risen by more than 26% during the past 12 months. In Kensington and Chelsea, Rightmove, a property website, reports asking prices have risen by 55.8%."
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