The plan defines an affordable workspace as one where rents are maintained below the market rate for a specific social, cultural, or economic development purpose. While well intended, in the past these policies may have inadvertently meant that even less supply comes forward, as the requirements depress office scheme values, further reducing viability when competing with residential proposals. Often affordable workspace operators can’t afford to take on space in new buildings, even with reduced rents. The rent reduction is not enough to offset the increased costs associated with occupying a new building, especially business rates, service charge and upfront Cat B fit out costs.

There is growing recognition that successful place-making includes a mix of uses – could adding affordable workspace to mixed-use schemes add value? Would re-use of the buildings that are already in the right places be a greener, better way to go? Should Local Authorities play a more proactive role, either by buying assets outright or entering into long leases to gain control of pricing and the building’s social and economic outputs? Can affordable workspace be prioritised for existing small and independent businesses occupying a site that are at risk of displacement?

These are some of the questions the webinar seeks to address. Join us for a discussion on 1 July at 11 am.