Savills: Oxford Street retail space on chopping block as office schemes proposed
25th November 2022 Research from Savills has revealed that 1.32m sq ft of new office schemes on Oxford Street are proposed for delivery within the next five years. Savills said the conversion of former retail space would account for 72% (960,000 sq ft) of all new office space, as the prestigious street evolves into a mixed-use space. Demand for 100,000 sq ft+ offices has never been higher, said Savills, with Palantir, Conde Nast, and Evercore all in the market. Key schemes along Oxford Street include: Sirosa’s 163,000 sq ft at Emporium Henrietta Place, the former House of Frasers, available from the third quarter of 2024 Ramsbury & Capital Real Estate delivering 280,000 sq ft at the former Debenham’s Store 334 Oxford Street from the fourth quarter of 2024 Derwent London granted planning for 150,000 sq ft at Holden House 54-68 Oxford Street (expected in 2027) and 80,000 sq ft at a former Next store at The Ribbon, Wells Street, being delivered by M&G in the first half of 2024. Savills says the attractiveness of Oxford Street lies in its strong amenities and cultural offers, along with improved accessibility with the newly opened Bond Street Elizabeth Line station. Andrew Wedderspoon, director in the West...
