Living in commercial property may be an unusual thought, but the fact is that the popularity of office-based living is actually on the rise. In London, where over 4 per cent of existing office space is vacant and prices for residential property are high, taking up residence in commercial property has become quite a popular move. But is it legal to live in commercial property, in Croydon or elsewhere? Read on as we address this question and various other considerations that need to be made.
The availability of vacant office space may have been on the wane since 2009, but 4.4 per cent of it is still empty, according to Statista. Considering the fact that the average house price in London has escalated from £250,000 in 2009 to around £500,000 in 2020, it is no wonder that the idea of buying a commercial property to live in has crossed the minds of many.
And it's not just the availability factor. Commercial property is also versatile. Those expansive, open-plan spaces make ideal blank canvases for the open-minded, creative individual who wants to put their imaginative stamp on their home.
Office space is relatively straightforward to convert. With the growing trend for industrial interiors and a mounting desire for 'live-work' space, it's becoming clear just why there is a distinct move towards buying office space for residential use.
But what to consider before investing in commercial property to convert into living space?