Taking Stock: An Investigation into the Nature, Scale and Location of Secondary Commercial Office Vacancy in the UK and an Appraisal of the Various Strategies and Opportunities for its Management and Amelioration

Muldoon-Smith, Kevin (2016) Taking Stock: An Investigation into the Nature, Scale and Location of Secondary Commercial Office Vacancy in the UK and an Appraisal of the Various Strategies and Opportunities for its Management and Amelioration. Doctoral thesis, Northumbria University.

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Abstract

There has been little comprehensive investigation of secondary office vacancy in the UK, nor its potential management or amelioration. In response, this thesis is a study of the nature, scale and location of this situation and an appraisal of the various strategies for its management and amelioration. There are three strands of research. An investigation into the nature, scale and location of secondary commercial office vacancy in the UK. An appraisal of potential management strategies and the development of policy recommendations in relation to the potential amelioration of this situation. An appraisal of the literature was conducted to develop an initial theoretical interpretation of secondary office vacancy. A multi attribute database of commercial office vacancy was then developed to evidence the stock of secondary office vacancy in the UK. Finally, a Delphi exercise was conducted to understand the underlying conditions of this phenomenon, its management and potential amelioration. Findings indicate that secondary office vacancy is ambiguous and colloquial. Vacant secondary office property exists in abundance while prime office property is in short supply. The institutions of the commercial office market over simplify and potentially disguise its manifestation. The incidence of secondary office vacancy is primarily caused by a structural change in the nature of demand. It can be held in reserve to support prime office supply, however, it can also overhang less buoyant locations. Consequently, the management strategies for secondary office vacancy are stratified, ranging from exploitation, to demand repositioning, to renewal and finally removal and redevelopment. Findings suggest that these management strategies should be predicated upon the demonstration of economic viability and mediated by the relative era of construction and underlying institutional characteristics. Finally, policy recommendations suggest that the amelioration of secondary office vacancy would be assisted by the promotion of more agile ways of working based on functional tolerance, and optionality.

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