Over two-thirds of Oxford Street is now office space, delegates at MIPIM UK told
Over two-thirds of Oxford Street is now office space as retailers look to make their property assets “sweat”, sector specialists told delegates at MIPIM UK.
New West End Company chief executive Jace Tyrrell told delegates the “best bit of the Monopoly board” is as under pressure as the rest of the retail sector as online shopping increases its share of the market.
He added: “There is a lot of unused space in the West End and [retailers] want to sweat their assets, reconfigure to get the benefits of Crossrail.”
Mark Bourgeois, Capital & Regional executive director and incoming UK & Ireland managing director at Hammerson, agreed that for the sector it is the “uses beyond retail that are so relevant right now”.